Which one of the following statement is incorrect?

1
ICRA is a credit rating agency promoted by the Industrial Finance Corporation of India
2
Loan Company (LC) NBFCs are registered with RBI
3
GIC was incorporated on 22nd November, 1972 under the Companies Act, 1956 as a private company limited by shares
4
An endowment policy is a life insurance contract designed to pay a lump-sum after a specified term or on earlier death
5
None of the above

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