Official Answer Key & Detailed Solution
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Correct Answer: Option (C) — 2 and 3 only
Concept & Option Breakdown
Standard Reference Verified- Statement 1 is incorrect: The oldest insurance company in India was the Oriental Life Insurance Company, founded in Calcutta in 1818. LIC was established later in 1956 through the nationalization of private life insurance companies.
- Statement 2 is correct: National Insurance Company Limited was nationalized in 1972 and incorporated as one of the four subsidiaries of the General Insurance Corporation of India (GIC).
- Statement 3 is correct: The headquarters of United India Insurance Company Limited are located in Chennai.
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