Question: Which of the following is the first Indian life insurance company established in India?
A Life Insurance Corporation of India (LIC)
B Oriental Life Insurance Company
C National Insurance Company
D New India Assurance Company
Answer: Oriental Life Insurance Company
| Aspect |
Description |
| Name |
Oriental Life Insurance Company |
| Year of Establishment |
1818 |
| Significance |
First life insurance company on Indian soil.
Oriental Life Insurance Company introduced the concept of life insurance to India during the British colonial period. |
| Historical Impact |
Paved the way for the growth of the insurance industry in India, fostering a culture of financial security and savings through life insurance policies. |
| Current Status |
Not operational today. |
| Legacy |
A precursor to the modern insurance sector in India, with numerous public and private insurance companies offering various insurance products. |
| Operations |
Operated as a pioneer in life insurance, providing individuals with the opportunity to secure the financial future of their families. |
