Life Insurance Corporation of India (LIC) is an Indian state-owned insurance &
investment corporation owned by the Government of India. It was founded on September 1,
1956 when the Parliament of India passed the Life Insurance of India Act that nationalised the
insurance industry in India. Over 245 insurance companies & provident societies were merged
to create the state-owned Life Insurance Corporation of India.
a) Name this form of public sector enterprise.
b) Give its three features.
c) Discuss two disadvantages of this form of organisation.
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It is under the ownership of Ministry of Finance , Government of India . The Life insurance Corporation of India was established on 1 September 1956, when the Parliament of India passed the Life Insurance of India Act that nationalized the insurance industry in India.
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