The correct answer is 'a.' Key Points - The error lies in Part (a) of the sentence. - There is an error in the use of the word 'found.' - Here we are talking about the establishment of LIC. - As 'was' is present, therefore, we need v2 or v3 form of the verb 'found.' - Correct sentence: LIC was founded on September 1, 1956 via the Life Insurance Corporation Act.