Union Minister Dharmendra Pradhan on Tuesday lauded the role of the Life Insurance Corporation (LIC) of India.
Addressing the inaugural ceremony of Triennial conference of LIC officers' association here, Pradhan said the LIC played a major role in strengthening country's economy.
"The LIC has become an impartial and credible financial organisation. It has played a major role in strengthening the country's economy," Pradhan said.
The Union Minister for Petroleum and Natural Gas also said that still there was a lot of potential for the major insurance company to tap.
"There is a lot of potential for LIC to spread its wings," Pradhan said.
The LIC was founded in 1956 when the Parliament passed the Life Insurance of India Act that nationalised the private insurance industry in India. Over 245 insurance companies and provident societies were merged to create the state-owned Life Insurance Corporation.
Today, it's the largest insurance company in India.
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