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With enactment of LIC Act 1956, an autonomous body, Life Insurance Corporation
of India was formed. The act defines its power, duties and functions. It has a
separate legal entity. It is fully owned by government. It has independent financial
policy and can raise funds by borrowing from public and government. However, it is not subject to any budgetary accounting or audit control like railways. Its annual
report is presented in parliament every year.


On the basis of the given information about Life Insurance Corporation of India
( LIC), answer the following questions.

a) Name the type of public sector enterprises referred in the above case.

b) Give two other examples of type of public sector enterprise identified above.

c) Briefly explain any three limitations of the type of public sector enterprises
identified in part a.

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a) the type of public sector enterprise referred in the above case Statutory Corporation

b)SBI, RBI

c)1. All actions are subject to many rules and regulations

2. is there is any disagreement the matter is directly passed to the government for final decision.this further delayed actions and curb the freedom

3.goverment and political interference has always been there in major decision making.

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Name the act under which is formned
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