Know About INSURANCE
MEANING OF INSURANCE
Insurance causes you secure yourself against dangers like a house fire, fender bender or theft. You can likewise get insurance that pays you cash on the off chance that you get too sick to work or to accommodate your family on the off chance that you pass on.
HISTORY OF INSURANCE IN INDIA
Insurance in India refers to the market for insurance in India, which covers public and private sector companies. It is listed on the central list of the Indian Constitution in the Central Scheduled Tribes, which means it is only legitimate government.
Insurance Department has gone several stages by insuring private companies and allowing foreign direct (FI) investment. In India, private companies have reduced FDI by 26% in 2000, which has increased by 49% in 2014. After privatization in 2001, the Life Insurance Corporation of India, the largest life insurer in India, had a market share of private giants such as HDFC Life Insurance, Excess Life Insurance, ICICI Prudential Life Insurance and SBI Life Insurance Company
The Indian Govt. passed Orders on 19 Jan, 1956 nationalizing the Life Insurance sector and Life Insurance Corporation came into acting in the same year. The Life Insurance Corporation (LIC) absorbed 154 Indian, 16 non-Indian insurers as also 75 provident societies—245 Indian and foreign insurers in all.
Life Insurance Corporation (LIC) had monopoly till the late 90s when the Insurance sector was re-opened to the private sector. Before that, the industry consisted of only two state insurers: Life Insurers (Life Insurance Corporation of India, LIC) and General Insurers (General Insurance Corporation of India, GIC). GIC had four subsidiary companies. This is effected from Dec, 2000, this subsidiaries have been detached from the concerned company and were set up as independent insurance companies: Oriental Insurance Company Limited, New India Assurance Company Limited, National Insurance Company Limited and United India Insurance Company.
