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 Indian Insurance Company Limited are located at Chennai.
Which of the statements given above are correct?
Explanation
Statement 1 is incorrect: LIC is not the oldest insurance company in India. The oldest insurance company is "Oriental Life Insurance Company" (established in 1818 in Kolkata). LIC was formed later in 1956 when the government nationalized over 240 private insurance companies.
Statement 2 is correct: The National Insurance Company Limited was nationalized in 1972 and became a subsidiary of the General Insurance Corporation of India (GIC). Later, it was made an independent entity.
Statement 3 is correct: United India Insurance Company Limited is headquartered in Chennai and is one of the four public sector insurance companies in India. As per IRDAI (Insurance Regulatory and Development Authority of India) re-ports, these insurance companies play a key role in the country’s financial sector.