Insurance in India
Quick overview for the Insurance in India Insurance in India started way back in the years 1818 when the Europeans opened first insurance company in India namely Oriental Life Insurance Company. The Europeans opened this insurance company to fulfill the needs of Europeans community who were living in India those days. This insurance company was not favorable for Indians. They charged higher premiums for the lives of Indians in comparison with lives of foreigners. The first Indian insurance company was opened in the year 1870. It was named as Mutual Life Assurance Society which covered Indian lives at normal rates. In the twentieth century, the insurance companies grew in mushrooms. In 19012, the Indian life Assurance companies Act was passed for regulating the life insurance business. In 1928, the Indian insurance companies Act were passed which enabled the government to collect statistical information on insurance business. In 1938, with a view to protecting the interest of the Insurance public, the earlier legislation was consolidated and amended by the Insurance Act, 1938 with comprehensive provisions for effective control over the activities of insurers. In the year, 1956, the central government took control over 256 Indian and foreign insurers and provident societies. The LIC came into existence in the same year by an Act of Parliament, viz LIC Act, 1956. The intitial budget of LI C was only 5 crores. By the year 2000, LIC was the only insurance company operating in India. In the year, 2000, the insurance in India got liberalized and opened way for private insurance companies to enter in this business. The government also allowed the foreign players to invest in the 26% share in the collaboration with Indian partners to start their insurance business in India. With the entry of private players, the customized, innovative and flexible insurance products came up to meet the needs of people belonging from every economic background.
Insurance Company India | Agriculture Insurance Co of India| Apollo DKV Insurance | Cholamandalam MS General | ICICI Lombard General Insurance | IFFCO Tokio General Insurance