Concept:
The axis passes through the midpoint (bend point) and remains perpendicular to the plane of the bent rod.
The moment of inertia depends only on the distance of each mass element from the axis. Bending the rod does not change these distances.
Step 1: Divide the rod into two equal halves.
Each half has
\[
\text{Length}=\frac{L}{2},
\qquad
\text{Mass}=\frac{M}{2}.
\]
The axis passes through the common end of both halves.
Step 2: Find the moment of inertia of one half about the bend point.
For a rod of length \(l\) about an axis through one end and perpendicular to its length,
\[
I=\frac13 ml^2.
\]
Here,
\[
m=\frac{M}{2},
\qquad
l=\frac{L}{2}.
\]
Therefore,
\[
I_1
=
\frac13
\left(\frac{M}{2}\right)
\left(\frac{L}{2}\right)^2.
\]
\[
I_1
=
\frac{ML^2}{24}.
\]
Step 3: Add the moments of inertia of the two halves.
Since both halves have the same moment of inertia about the same axis,
\[
I
=
2I_1.
\]
\[
I
=
2\left(\frac{ML^2}{24}\right).
\]
\[
I
=
\frac{ML^2}{12}.
\]
Notice that the angle between the two halves does not appear in the calculation because the distance of each mass element from the axis remains unchanged.
Therefore,
\[
\boxed{
I=\frac{1}{12}ML^2
}
\]
\[
\boxed{\text{Answer = (A)}}
\]