G.ARJUN63

Insurance• THE WORD INSURANCE MEANS FINANCIAL SERVICE.• IT IS POOLING OF RISKS.• IT IS AN ARRANGEMENT IN WHICH YOU PAY MONEY TO A COMPANY, AND THEY PAY MONEY TO YOU IF SOMETHING UNPLEASANT HAPPENS TO YOU.

GROWTH OF INSURANCE

1818: THE ORIENTAL LIFE INSURANCE COMPANY IN KOLKATA, THE BUSINESS OF INDIAN LIFE INSURANCE.

1912: THE INDIAN LIFE ASSURANCE COMPANIES ACT.

1928: THE INDIAN INSURANCE COMPANIES ACT.

1938: THE EARLIER LEGISLATION CONSOLIDATED THE INSURANCE ACT.

1956: LIC WAS FORMED BY AN ACT OF PARLIAMENT, VIZ. LIC ACT.

1850: Triton Insurance Company Ltd.

1907: The Indian Mercantile Insurance Ltd.

1957: General Insurance Council.

1968: The Insurance Act.

1972: The General Insurance Business (Nationalization).

TYPES OF INSURANCE 

• LIFE INSURANCE

• GENERAL INSURANCE

IT IS A FORM OF INSURANCE IN WHICH A PERSON MAKES REGULAR PAYMENTS TO THE INSURANCE COMPANY, IN RETURN FOR A SUM OF MONEY TO BE PAID TO THEM AFTER A PERIOD OF TIME, OR TO THEIR FAMILY IF THEY DIE.

LIFE INSURANCE

  Term Life Insurance                 Permanent Life Insurance

LIFE INSURANCETYPES

UNDER A TERM LIFE CONTRACT, THE INSURANCE COMPANY PAYS A SPECIFIC LUMP SUM TO THE DESIGNATED BENEFICIARY IN CASE OF THE DEATH OF THE INSURED. THESE POLICIES ARE USUALLY FOR  5, 10, 15, 20 OR 30 YEARS.

Term Life Insurance

CERTIFICATE

IN A PERMANENT LIFE CONTRACT, A PORTION OF THE MONEY PAID AS  PREMIUMS IS INVESTED IN A FUND THAT EARNS INTEREST ON A TAX-DEFERRED BASIS.  THUS, OVER A PERIOD OF TIME, THIS POLICY WILL ACCUMULATE CERTAIN "CASH VALUE" WHICH YOU WILL BE ABLE TO GET BACK EITHER DURING THE PERIOD OF THE POLICY OR AT THE END OF THE POLICY.

PERMANENT LIFE INSURANCE

MARKET SHARE

GENRAL INSURANCE HAS BEEN EVOLED WITH THE EVOLUTION OF BUSINESS AND LIFESTYLE OF HUMAN BEINGS. IT COVERS EVERYTHING FROM EXPEDITIONS TO THE VOICE OF FAMOUS SINGERS. IT IS ALSO CALLED AS NON-LIFE INSURANCE.

GENERAL INSURANCE

  FIRE INSURANCE              MARINE INSURANCE         MOTOR INSURANCE CROP/AGRICULTURAL INSURANCE HEALTH INSURANCE

GENERAL INSURANCETYPES

FIRE INSURANCE

MARINE INSURANCE

MOTOR INSURANCE

HEALTH INSURANCE

AGRICULTURE INSURANCE

TOTAL AMOUNT COLLECTED IN THE YEAR 2009