Which of the following was set up in 1956 by the Indian government by nationalising all the existing private sector life insurance companies?

Life Insurance Corporation of India

The correct answer is Option 3 - Life Insurance Corporation of India

The Life Insurance Corporation of India (LIC) was set up in 1956 by the Indian government by nationalizing all the existing private sector life insurance companies.

The LIC is the largest life insurance company in India and one of the largest in the world. It is a public sector company, and the Government of India owns the majority stake in it.

The LIC offers a wide range of life insurance products, including traditional and unit-linked plans. It also offers a variety of other financial products, such as pension plans and mutual funds.

The other options are incorrect:

• New India Insurance Company of India Limited is a general insurance company that was founded in 1919.
• General Insurance Corporation of India is a general insurance company that was founded in 1972.
• United India Insurance Company Limited is a general insurance company that was founded in 1938.