Consider the following statements:
1. Life Insurance Corporation of India is the oldest insurance company is 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
Correct Answer: Option C
Explanation
1. Statement 1 is incorrect. The Life Insurance Corporation of India (LIC) was formed in 1956 by nationalizing and merging several existing insurance companies. The Oriental Life Insurance Company, established in 1818, is considered one of the oldest, pre-dating LIC's formation as a single entity.
2. Statement 2 is correct. The general insurance business in India was nationalized in 1972. National Insurance Company Limited became one of the four subsidiaries of the General Insurance Corporation of India (GIC).
3. Statement 3 is correct. The Headquarters of United India Insurance Company Limited are located in Chennai.
4. Therefore, only statements 2 and 3 are correct.