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UPSC 2006: Consider the following statements: 1. Life Insurance Corporation of India is the oldest insurance company in India. 2. National Insurance Company Limited was nationalized in the year 1972 and made a subsidiary of General Insurance Corporation of India. 3. Headquarters of United India Insurance Company Limited are located at Chennai. Which of the statements given above are correct?
(a)1, 2 and 3
(b)1 and 2, only
(c)2 and 3, only
(d)1 and 3, only
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Not attemptedCorrect Answer: (c) 2 and 3, only
LIC was created by nationalisation in 1956 and is **not** the country’s oldest insurer (the first was Oriental Life Insurance Co., 1818), so statement 1 is wrong ([en.wikipedia.org](https://en.wikipedia.org/wiki/Life_Insurance_Corporation?utm_source=openai)). National Insurance Co. was nationalised in 1972 and made a subsidiary of GIC, making statement 2 correct ([en.wikipedia.org](https://en.wikipedia.org/wiki/National_Insurance_Company?utm_source=openai)). United India Insurance’s registered & head office is at 24 Whites Road, Chennai, confirming statement 3 ([uiic.co.in](https://uiic.co.in/en/node/561?utm_source=openai)). Thus only statements 2 and 3 are correct ⇒ option (c).
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Frequently Asked Questions
What is the correct answer to this UPSC 2006 Indian Economy question?▼
The correct answer is option (c): 2 and 3, only. Watch the detailed video explanation in our Sherlocking Prelims course on UnlockIAS.
Which year was this Banking & Financial Sector question asked in UPSC Prelims?▼
This question was asked in UPSC CSE Prelims 2006, GS Paper 1, as Question 105. It falls under Indian Economy > Banking & Financial Sector.
What is the difficulty level of this UPSC question?▼
This question is rated "moderate". It requires sound conceptual understanding of the topic.
How many UPSC Prelims questions have been asked from Banking & Financial Sector?▼
UPSC has asked 48 questions from Banking & Financial Sector (under Indian Economy) across multiple years. Visit the topic page to see the full list and year-wise trends.