How many private companies had entered the LIFE insurance segment in India as per the IRDA brochure (around 2013)?
A{'text': '10', 'letter': 'A'}
B{'text': '23', 'letter': 'B'}
C{'text': '15', 'letter': 'C'}
D{'text': '30', 'letter': 'D'}
Answer & Solution
Correct answer: B. {'text': '23', 'letter': 'B'}
1. Before liberalisation only LIC offered life insurance and GIC general.
2. Post-IRDA Act 1999, private companies entered both segments.
3. The brochure states 23 new private companies in life and 22 in non-life.
_Source: IRDA Brochure (irdai.gov.in — official IRDAI publication) — "The industry has so far witnessed the entry of 23 new private companies in the life segment and 22 in the non-life segment."_