Miscellaneous - This Day That Age   

dated September 2, 1956: Inauguration of LIC

The Life Insurance Corporation of India - India's unique experiment on a colossal scale in nationalising the insurance business of the country - entered upon its "career of service to the country" at 11 am on September 1 at the inaugural meeting of the members of the Corporation in Bombay. The meeting, presided over by Mr. H.M. Patel, Finance Secretary of the Government of India, who is Chairman of the Corporation, was held at its headquarters located in the premises of the Oriental Life Assurance Company. Mr. Patel read out the messages received from the President, Vice-President, Prime Minister and others. Mr. T.T. Krishnamachari, who has been appointed Finance Minister, in his message said: "I am happy that I have the good fortune of being associated with the Insurance Corporation officially at the time of its inauguration. The Corporation itself is, perhaps, the biggest adventure that the Government have attempted in social engineering. It is of the utmost importance that this adventure must succeed not only because it is an attempt at enlarging the public sector but also because of the benefits that insurance at reasonable rates with guarantees can afford to the common man.''

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