Life Insurance

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INTRODUCTION

History of Insurance: at a glance

Life Insurance in its modern form came to India from England in the year 1818. Oriental Life Insurance Company started by Europeans in Calcutta was the first life insurance company on Indian Soil. All the insurance companies established during that period were brought up with the purpose of looking after the needs of European community and Indian natives were not being insured by these companies. However, later with the efforts of eminent people like Babu Muttylal Seal, the foreign life insurance companies started insuring Indian lives


Some of the important milestones in the life insurance
business in India are:

1818: Oriental Life Insurance Company, the first life insurance company on Indian soil started functioning.
1870: Bombay Mutual Life Assurance Society, the first Indian life insurance company started its business.

1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business.
1928: The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses.
1938: Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public.


Some of the important milestones in the general insurance
business in India are:

1907: The Indian Mercantile Insurance Ltd. set up, the first company to transact all classes of general insurance business.
1957: General Insurance Council, a wing of the Insurance Association of India, frames a code of conduct for ensuring fair conduct and sound business practices.
1968: The Insurance Act amended to regulate investments and set minimum solvency margins and the Tariff Advisory Committee set up.


General Insurer
General Insurance Corporation of India (GIC) GIC has four subsidiary companies namely:
• The Oriental Insurance Company Limited.
• The New India Assurance Company Limited.
• National Insurance Company Limited.
• United India Insurance Company Limited.
Royal Sundaram Alliance Insurance Company Limited
Reliance General Insurance Company Limited.
IFFCO Tokio General Insurance Co. Ltd
TATA AIG General Insurance Company Ltd.
Bajaj Allianz General Insurance Company Limited
ICICI Lombard General Insurance Company Limited.