LAW OF LIFE INSURANCE IN INDIA:

A STUDY OF LEGISLATIVE POLICIES AND JUDICIAL RESPONSE

PAGES Declaration i

Certificate ii

Acknowledgement iii-iv

Preface v-vi

Table of Cases vii-xii

Abbreviations xiii-xv

CHAPTER-I INTRODUCTORY 1-20

A. GENERAL 2

B. STATEMENT OF THE PROBLEM 5

C. RESEARCH HYPOTHESIS 7

D. OBJECTIVES OF THE STUDY 8

E. REVIEW OF THE EXISTING

LITERATURE

9

1. Books

2. Articles

3. Micellaneous

10

12

14

F. RESEARCH METHODOLOGY 15

G. CHAPTER SCHEME 18

CHAPTER-II

LIFE INSURANCE: CONCEPT,

NATURE AND SCOPE

21-58

A. GENERAL 22

B. MEANING AND DEFINITION 22

C. SCIENCE OF LIFE INSURANCE 25

D. INSURABLE INTEREST AND

LIFE INSURANCE

26

1. Definition and Nature of

Insurable Interest

2. Necessity of Insurable Interest

3. Insurable Interest and Life

policies

27

29

31

E. CONTRACT OF LIFE

INSURANCE

34

1. Nature of Life Insurance Contract

2. Formation of Life Insurance

Contract

3. Performance of Life Insurance

Contract

4. Discharge of Life Insurance

Contract

34

35

38

43

F. KINDS OF LIFE INSURANCE 45

1. Term Assurance

2. Pure Endowment

3. Annuity (Pension) Plan

4 Unit Linked Insurance Plan

5 Whole Life Policy

6 Whole Life Policy- Limited

Payment

7 Convertible Term Insurance

Policy

8 Convertible Whole Life

Assurance Policy

9 Pure Insurance

10 Mortgage Redemption Policy

11 Endowment Assurance Policy

12 Money Back Policy

46

46

46

47

47

47

48

48

48

49

49

50

G. DIFFERENCE BETWEEN LIFE

INSURANCE AND OTHER

INSURANCES

50

H. ADVANTAGES OF LIFE

INSURANCE

51

1. Covers Risk of Death

2. Encouragement of Compulsory

Savings

3. Facilitation of Liquidity

4. Provision of Profitability

5. Assistance in Odd Situations

6. Easy Settlement and Protection

against Creditors

7. Facilitation of Loan

8. Tax Relief

9. Mental Peace

10. Awareness Towards Good

Health

51

52

52

52

52

53

53

53

53

53

I. THE CONCEPT OF RE-

INSURANCE AND DOUBLE

INSURANCE

54

1. Reinsurance

2. Double Insurance

54

56

J. REVIEW 57

CHAPTER-III

UNDERWRITING OF RISK AND

SETTLEMENT OF CLAIMS

59-100

A. GENERAL 60

B. UNDERWRITING OF RISK 60

1. Meaning and Definition of Risk

2. Risk Covered in Life Insurance

Policy

3. Circumstances affecting Insurable

Risk

4. Meaning and Definition of

Underwriting

5. Need and Importance of

Underwriting

6. Underwriting Process

7. Doctrine of Utmost Good Faith

61

61

62

65

65

67

70

C. SETTLEMENT OF LIFE

INSURANCE CLAIMS

77

1. Meaning and Definition of Claim

2. Pre-Requisite of Claims

3. Types of Claims

4. Claims in Certain Special

Circumstances

5. Persons Entitled to Claim

6. Evidence of Title

7. Amounts Recoverable

8. Disputes in Claim Settlement

9. Defenses Taken By Insurers to

Escape Liability

10. Delay in Claim Settlement

11. Claim Management

78

78

79

83

85

86

88

89

90

92

97

D. REVIEW 99

CHAPTER-IV

LIFE INSURANCE IN INDIA

101-148

A. GENERAL 102

B. ORIGIN AND HISTORY 102

1. Origin of Life Insurance in

Europe

2. Origin of Life Insurance in India

103

104

C. GROWTH AND DEVELOPMENT 104

1. Early Period (1800-1900)

2. Mushroom Growth (1901-1912)

3. Struggle and Steady Growth

(1913-1937)

4. Boom and Nationalization (1956-

1999)

5. Era of Privatization (Post IRDA

Act, 1999)

105

105

106

106

106

D. LIFE INSURANCE

CORPORATION OF INDIA

107

1. Nationalization of Life Insurance

Business

2. Establishment of Life Insurance

Corporation (1956)

107

109

E. NEW ECONOMIC POLICY, 1991 117

1. Indian Insurance: Shortcomings

2. Liberalization and Globalization

3. Malhotra Committee: Major

Recommendations

118

119

120

F. INSURANCE REGULATORY AND

DEVELOPMENT AUTHORITY

(IRDA), 1999

123

1. Mission Statement of IRDA

2. Salient Features of IRDA Act

G. ENTRY OF PRIVATE LIFE

INSURANCE COMPANIES

125

H. CHANGES IN LIFE INSURANCE

MARKET

127

1. Factors Responsible

2. Changing Market Structure

3. Changes in Management

127

128

129

I. SOCIAL SECURITY IN INDIA 129

1. Meaning

2. Importance

3. Historical Background

4. Life Insurance and Social

Security

5. Role of State

6. Social Security Laws in India

7. Social Insurance

8. Social Insurance Schemes in

India

130

131

131

132

134

135

136

137

J. FDI IN INSURANCE SECTOR 140

1. Meaning

2. Current Status of FDI in India

3. Need of FDI

4. Advantages of FDI

5. Disadvantages

6. Major Issues

141

141

143

144

145

146

K. REVIEW 147

CHAPTER-V

REGULATION OF LIFE

INSURANCE INDUSTRY

149-184

A. GENERAL 150

B. ROLE OF REGULATORY

FRAMEWORK

151

C. DEVELOPMENT OF INSURANCE

REGULATION IN INDIA

153

1. The Indian Companies Act, 1883

2. The Provident Societies Act,

1912 and the Life Insurance

Companies Act, 1912

3. The Indian Insurance Companies

Act, 1928

4. The Insurance Act, 1938

5. The Insurance (Amendment) Act,

1950

6. The Life Insurance Corporation

Act, 1956

7. The General Insurance

Corporation Act, 1972

8. The Insurance Regulatory and

Development Authority, 1999

9. The Insurance Law

(Amendment) Bill, 2008

10. The Life Insurance Corporation

(Amendment) Bill, 2009

153

153

154

155

157

157

158

159

159

160

D. A BRIEF REVIEW OF

INSURANCE REGULATIONS IN

THE 20TH

CENTURY

160

E. RECOMMENDATIONS OF LAW

COMMISSION

162

1. Changes in Definitions

2. Deletion of Provisions of the

Insurance Act, 1938

3. Merger of Relevant Provisions

4. Repudiation

5. Assignment and Transfer

6. Nomination

7. Penalties

8. Grievance Redressal Machinery

9. Investigating Mechanism and

Substitution of Judiciary

162

162

163

163

164

165

165

166

167

F. RECOMMENDATIONS OF K.P.N

COMMITTEE

167

1. Repudiation

2. Assignment

3. Nomination

4. Investment

5. Capital

6. Solvency Margins and Deposits

7. Tariff Advisory Committee

8. Insurance Surveyors

9. Raising Foreign Direct

Investment Cap

10. Appointed Actuary

168

168

168

168

168

169

169

169

169

169

G. INSURANCE REGULATORY

REGIME AND INSURERS

170

1. Regulation of Insurer under

Company Law

2. Regulation of Insurer under Law

of Contract

170

171

3. The Insurance Act, 1938 and the

Insurer

4. Regulation by Central

Government

5. Regulations of SEBI

6. Insurer under IRDA Act, 1999

7. Insurer under Regulations of

IRDA

171

171

172

172

173

H. REVIEW 183

CHAPTER-VI

GRIEVANCE REDRESSAL

MECHANISM OF INSURANCE

INDUSTRY

185-212

A. GENERAL 186

B. GRIEVANCE REDRESSAL CELL

OF INSURER

187

1. Introduction

2. Characteristics

3. Procedure

187

187

188

C. GREIVANCE REDRESSAL CELL

OF IRDA

190

1. General

2. Salient Features

3. Functioning

190

191

192

D. DIRECTORATE OF PUBLIC

GRIEVANCES

193

1. Introduction

2. Course of Action

3. Features

193

193

194

E. CONSUMER FORUMS 195

1. General

2. Characteristics

3. Case Law

195

196

198

F. OMBUDSMAN 201

1. Introduction

2. Salient Features

3. Working

201

202

204

G. ARBITRATION ON QUANTUM 204

1. General

2. Important Features

3. Process

204

205

206

H. LOK ADALATS 207

1. Introduction

2. Characteristic Features

3. Working

207

208

209

I. CIVIL COURTS 210

J. REVIEW 210

CHAPTER-VII

LIFE INSURANCE SECTOR:

MANAGEMENT, SUPERVISION

AND GOVERNANCE

213-241

A. GENERAL 214

B. GOVERNANCE THROUGH

REGULATION, SUPERVISION

AND RISK CAPITAL

215

1. Introduction

2. Risk-Based Regulation

3. Solvency Regulation

215

215

216

C. ETHICAL BUSINESS PRACTICES 218

IN LIFE INSURANCE

1. Introduction

2. Ethics in Business

3. Ethical Issues in Life Insurance

Selling

4. Market Conduct Practices in

Indian Life Insurance Industry

218

219

220

222

D. CORPORATE GOVERNANCE

AND LIFE INSURANCE

224

1. Introduction

2. Definition

3. Scope of Corporate Governance

4. Corporate Governance Initiatives

in Life Insurance Industry

224

225

226

227

E. CORPORATE SOCIAL

RESPONSIBILITY

228

1. Introduction

2. Definition

3. Dimensions of CSR

4. CSR in Life Insurance Companies

5. CSR Activities of LIC

228

229

231

233

235

F. SELF REGULATORY

ORGANISATION (SRO)

236

1. Introduction

2. Importance of SRO in Life

Insurance Industry

3. Life Insurance Council as SRO

236

237

238

G. REVIEW 239

CHAPTER-VIII

CHALLENGES AND

OPPORTUNITIES

242-280

A. GENERAL 243

B. CURRENT SCENARIO OF LIFE

INSURANCE INDUSTRY

243

1. Huge Insurance Market in India

2. Customer Service

3. Distribution Channels

4. Banc Assurance

5. Production Innovation

6. Rural Marketing

7. Information Technology

8. Merger and Acquisition

9. Policyholders’ Awareness and

Knowledge

10. Job Opportunities

243

244

244

245

245

246

246

247

247

248

C. FORECAST OF LIFE INSURANCE

MARKET

248

1. Confederation of Indian Industry

(CII), New Delhi

2. Monitor Company, USA

3. National Insurance Academy

(NIA), Pune

4. Swiss Re Forecast

249

249

249

250

D. CHALLENGES BEFORE THE

LIFE INSURANCE INDUSTRY

250

1. Promoting Life Insurance

Literacy

251

2. Differentiated Focus on Diverse

Market Segment

3. Developing Need Based Products

4. Just Pricing of the Products

5. Protecting the Mortality Shocks

6. Demand Pull Distribution

7. Managing Customers’ Choice

8. Investment Management

9. Optimization of Technological

Efficiency

10. Management of Human Capital

11. Knowledge Management

12. Managing Training Activities

13. Managing Research Activities

14. Optimizing Benefits of

Regulation and Self Regulation

15. Improving Governance

Efficiency

251

252

252

253

253

254

255

255

256

256

257

257

258

258

E. OPPORTUNITIES FOR

EXPANSION

259

1. High Rate of Growth of GDP

2. Domestic Savings

3. Disposable Income

4. Booming Capital Market

5. Vast Untapped Insurance

Potential

6. High Level of Confidence of

Investors

7. Low Level of Penetration and

260

260

260

261

261

262

262

Density but High Gravity Rate

8. Advertisement

9. Rural Market

10. Low Level of Coverage

11. Recent Regulatory Development

12. Operation of LIC

262

263

263

264

264

F. EMERGING HEALTH

INSURANCE MARKET IN INDIA

264

1. Meaning

2. Scope of Health Insurance Policy

3. Importance of Health Insurance

4. Evolution of Health Insurance

5. Current Health Insurance Scene

in India

6. Consumer and Social Perspective

on Health Insurance

7. Role of Regulators

8. Further Steps to Improve Health

Insurance

265

266

268

269

270

274

275

276

G. REVIEW 278

CHAPTER-IX CONCLUSION AND

SUGGESTIONS

281-312

A. CONCLUSION 282

B. SUGGESTIONS 298

BIBLIOGRAPHY 313-326

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DEDICATED TO

My loving grandparents, who despite their heavenly presence keep

on guiding me on the path of honesty, hard work and humility.

Their wisdom and simplicity has been the foundation of peace and

content in my life.

TABLE OF CASES

1. Amicable Insurance Society v. Bolland (1830), 4 Bligh N.S.194 HL.

2. Archana Sharma v. Union of India, 2013 (3) PLR, 393 (P & H) DB.

3. Asia Assurance Co. v. Kortiya Devi, (1936) Cal. 437.

4. Baljit Kaur v. Life Insurance Corporation of India, Division Office Jeevan Parkash,

Model Town Road through its Sr. Divisional Manager, 2012 (2) RCR (Civil) 237.

5. Beresford v. Royal Insurance Co. Ltd., (1935) AC 586.

6. Bernarsi Das v. New India Assurance Co. Ltd., AIR (1959) Pat.

7. Branch Manager, LIC of India, Mahboobnagar and others v. Mittapally Rama Rao :

Law Finder DOC ID # 506297 Insurance Act, 1938, Sec. 64 (o) – It is a fundamental

principle of insurance law that utmost good faith must be observed in disclosing all

material facts to the insured at the time of entering into the contract of insurance.

8. Castillon v. Preston, (1883) 11 QBD 380.

9. Chandulal v. I.T. Commissioner, A.I.R 1967 SC.

10. Chunilal Hardware & Anr. V. United India Insurance Co. Ltd., 1997 (1) GCD (CPC)

29.

11. City Bank v. Sovereign Assurance Co., (1884) 32 WR 658.

12. Cosfard Union v. Poor Law & Local Officers Mutual Guarantee Asso. Ltd., (1910)

103L.T 463.

13. D Kathandoramuswamy v. United India Insurance Co. Ltd., 1962 1 CPR 553 (TN).

14. Dalby v. London and India Life Assurance Company, (1884)15 CB 365.

15. Department of Trade & Industry v. St. Christopher Motorist Asso. Ltd., (1974) 1Ch D

395.

16. Godsall v. Baldero, (1807) 9 East 72.

17. Gould v. Curtis, 1913 3 KB 84.

18. Grigbsy v. Russel, (1911), 222 US 149.

19. H.B. Gowaramma v. The Life Insurance Corporation, 2007 ( ) ACJ, 1087.

20. Harshad J Shad v. LIC, 1997 111 CPJ 9 (S).

21. Insure Policy Plus Service v. LIC of India, 2007(109) Bom LR 559.

22. Ishwar Chandra & Ors. v. The Oriental Insurance Co. Ltd. & Ors., 2007 (2) RCR

(Civil) 370 (S.C.).

23. Karri Mahalaxmi v. Divisional Manager, Oriental Insurance Company Limited, 2004

(4) Andh LD (Cons. Reports) 9.

24. Keeling v. Pearl Assurance Co. Ltd., (1923) 129 L.T. 573.

25. Kulta Ammal v. Oriental Govt. Security Life Assurance Co. Ltd., AIR 1954 Mad. 636.

26. Lakshmi Insurance Co. Ltd. v. Bibi Padmavathi, AIR (1961) Punj 253, 2599.

27. Leyland Shipping Co. Ltd. v. Norwich Union Fire Insurance Society Ltd., (1917) 1 KB

873.

28. Liberty National Life Insurance Co. v. Weldon, 267Ala. 171, 100 So. 2d 696 (1957).

29. LIC and others v. Shika Bhattacharya, 2007 (2) ( WBLR) 189.

30. LIC of India v. Chatur Beharilal, 1991 1 CPR 156 (Rajasthan).

31. LIC of India v. Kamalvathi, 1984 (2) SCC 719.

32. LIC of India v. Nalini Joshi, 1994 CPR 465 & 466 (NC).

33. LIC of India v. Ramkrishna Manikrao Pisodkor, 2000, III CPJ 363 (Maharastra).

34. LIC of India v. Shantabai Rajabhai Desai, (2000) 111 CPJ 152 (Maharastra).

35. LIC of India v. Shyam Dulari Devi Agarwal, 1992 II CPJ 461 (NC).

36. LIC of India v. Sushma Singh, 1994 1 CPJ 143 (NC).

37. LIC of India, Sec’bad and another v. Banavath Kamlee, 2000 ( ) Andh LD (Cons.

Reports) 96. (Law Finder Doc Id # 505299).

38. LIC of India, Warangul and another v. Komuravelli Rama Ratnam, 2000 (1) Andh LD

(Cons. Reports) 25. (Law Finder Doc Id # 50653).

39. Life Insurance Corporation of India and others v. O.P. Bhallah and others, 1989 AIR

(Patna) 269.

40. Life Insurance Corporation of India and others v. Kunari Devi, 2010 (1) WBLR, 609.

41. Life Insurance Corporation of India v. Shakuntala Bai, AIR 1975, A.P. 68.

42. Life Insurance Corporation of India v. Shantabhai Rajabhai Desai, (2000) III CPJ 152

(Maharastra).

43. Life Insurance Corporation of India v. Smt. Mohinder Kaur (State Consumer Disputes

Redressal Commission Punjab) (FB), 2007 (2) RCR (Civil), 127.

44. Life Insurance Corporation v. Smt. B. Kusuma T.Rao; (1991) 70 Comp Cas 86.

45. Life Insurance Corporation v. Smt. G.M. Channabasemma, AIR 1991 SC 392.

46. Life Insurance Corporation v. Suresh Kumar, 234 S.C. AIR 2011.

47. Lucena v. Craufard, (1806) 2 B & P 269 HL.

48. M.K Shah v. Yorkshire Insurance Co., AIR 1938 Bom. 161.

49. M/S Azeel International Pvt. Ltd. v. M/S United India Insurance Co. Ltd., 2005 AIR

(Allahabad) 398.

50. M/S Oriental Insurance Company Ltd. v. Kitbokson War and Ors. 2008 AIR (Guahati)

77.

51. M/S Shree Ram Swara Centre v. State of Bihar and Ors., 2007 AIR (Patna) 97.

52. Mackenzic v. Coulson, 1869 LR 8 Eg. 369.

53. Mathupalli Venkata Subbarao v. Lakshminarasamma, AIR 1954 Mad 222.

54. Medical Defence Union Ltd. v. Department of Trade, (1979) 2 CH D 421.

55. Mithoolal Naik v. LIC of India, AIR 1962 SC 214.

56. Molton v. Camroux, (1849)2 Exch 487.

57. Motilal Meghwal v. United India Assurance Co.Ltd., 1995 11 CPJ 38, 41 (NC).

58. Mrs. Elizebath Mathew and others v. Shri Vasdev and Delhi Transport Corporation,

1990 AIR (Delhi) 121, 2001 (3) RCR (Civil), 591 (P & H).

59. Mushtaq Ahmad Sumji v. Divisional Manager, Oriental Insurance Company and

another, 2005 AIR (J & K) 66.

60. National Insurance Co. Ltd. v. Surat Singh and others, 2009 (3) AICJ, 400.

61. National Insurance Company Ltd. v. M.R. Shantamma and others, 2008 (4) ACJ, 2287.

62. Nazir Singh v. Life Insurance Co. Ltd. and another, 2013 (1) PLR, 328.

63. New India Assurance Co. Ltd. and another v. State of A.P. and others, 2009 (78) AIC,

280.

64. New India Assurance Co. Ltd. Nagpur v. Anjanabai Parsharam Jadhav, AIR 2006

(NOC) 343 Bom.

65. New India Assurance Co. Ltd. v. Mahesh Kumar Nikhara, 1993 11 CPJ 645(M.P.).

66. New India Assurance Co. Ltd. v. Prabhu Lal, 2008 (1) RCR (Civil) 198 (S.C.).

67. Northern India Insurance Co .v. Kahayalal, AIR 1938 Lah. 561.

68. Oriental Got Security life Assurance Co. Ltd. v. Vanteddu Ammiraju, (1935) 35 Mad.

162.

69. Oriental Insurance Co. Ltd. v. Methi and others, 2003 ( ) ACJ 2008.

70. Oriental Insurance Co. Ltd. v. Sonkali 2013 (3) AICJ, 343.

71. Parpati Bai v. Life Insurance Corporation of India, 2006 ( ) ACJ, 241.

72. Pearl Life v. Johnson, (1909) 2 K.B.288.

73. Peerless General Finance & Investment Co. Ltd. v. Vadakala Komaramma, 1998 ( )

Andh LD (Cons. Reports) 33. (Law Finder Doc Id # 505402).

74. Powell v. Dewy, (1898) 123 Log NC.

75. Prudential Insurance v. Inland Revenue Commissioner, (1904) 2 K.B. 658.

76. Purshottam N. Gurjar v. United India Insurance Co. Ltd., 1997 (1) GCD (CPC) 45.

77. R.K. Industries v. New India Assurance Co.Ltd., 1995 11 CPJ 87,89 (NC).

78. Raj Narayan Das v. Maha Patra, (1881) 7 Cal.594.

79. Regulation 8 (4) of LIC Regulations, 1981.

80. Sabita Devi v. Usha Devi, AIR 1984 SC 346 ; (1935) 35 Mad 162.

81. Shahab Ahmad v. Senior Divisional Manager, Life Insurance Corporation of India,

Muzaffarpur Division, LIC of India and others, 2013 (3) PLJR, 876.

82. Shankar Soni v. LIC of India : Law Finder Doc = Id # 485374.

83. Smt. Munni Devi Silwant v. Life Insurance Corporation of India, Bhopal and others,

2007 (58) AIC, 908.

84. Smt. Sujata Agarwal v. Zonal Manager, Life Insurance Corporation of India and

others, 2012 ( ) ACJ, 800, 2011 AIR (Orissa) 66.

85. Smt. Sujata Chakrabarty v. LIC of India, AIR 2007 (NOC) 2159 (NCC).

86. Sumitra Kaur and another v. New India Assurance Co. Ltd. and another, 2013 ( )

ACJ 2462 (Law Finder Doc Id # 49459).

87. The National Insurance Co. Ltd v. Omparkash Aggarwal, 2000 1 CPR 567 (Delhi).

88. The Oriental Fire and General Insurance Co. Ltd., Lashkar v. Ram Singh and others,

1995 (1) ACJ, 26.

89. The Oriental Insurance Company Limited v. Abdul Kaleel & Anr. 2013 ( ) AAC,

1897.

90. Thomson v. Weems, (1884) 9 AC 671, 681.

91. Tyrie v. Fletcher, (1777) 2 Cowp 666.

92. Umedilal Agarwal v. United India Assurance Co. Ltd., 1991 1 CPR 34 (Raj.).

93. United India Insurance Co. Ltd. v. Madan lal Mantoo, 2003 AIR (J & K) 36.

94. United India Insurance Co. Ltd. v. MKJ Corporation, 1996 111 CPJ 8 (SC).

95. United India Insurance Co. Ltd. v. Mrs. Janabai Maruti Lohar, 2006 (5) All LJ,

Allahabad High Court.

96. Usha Kumari Ranawat v. Senior Divisional Manager, LIC of India and another, 2011(

) ACJ, 2505 (S.C.).

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ABBREVIATIONS

1. ADR

2. AIDS

3. AIG

4. AIR

5. AII ER

6. BC

7. BOP

8. CII

9. CIT

10. Co.

11. Cr.L.J

12. CRM

13. Cr.P.C

14. CSR

15. DLT

16. Edu.

17. EHRR

18. Fcsl

19. FICCI

20. GATT

21. GDP

22. GRAs

23. HDFC

24. HDS

25. HIV

26. IAT

27. ICAI

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Alternative Dispute Resolution

Acquired Immuno Deficiency Syndrome

American International Group

All India Reporter

All England Law Reports

Banking Cases

Balance of Payments

Confederation of Indian Industry

Commissioner of Income Tax

Company

Criminal Law Journal

Customer Relationship Management

Criminal Procedure Code

Corporate Social Responsibility

Delhi Law Times

Education

European Human Right Report

Frontline Capital Services Limited

Federation of Indian Chambers of Commerce and Industry

General Agreement on Tariffs and Trade

Gross Domestic Product

Grievance Redressal Authorities

Housing Development Finance Corporation

Household Domestic Savings

Human Immuno Deficiency Virus

Insurance Appellate Tribunal

Institute of Chartered Accountants of India

28. ICICI

29. ICFAI

30. ICPR

31. ILR

32. ING

33. Inc.

34. IPC

35. IRDA

36. JILI

37. KULR

38. LCI

39. L ed.

40. LIC

41. Ltd.

42. MNCs

43. NCAER

44. NGOs

45. NIA

46. No.

47. NOC

48. OECD

49. RBI

50. SARS

51. SBI

52. SC

53. SCC

54. SEBI

55. SRO

56. UP

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Industrial Credit and Investment Corporation of India

Institute of Chartered Financial Analysts of India

Indian Council for Philosophical Research

Indian Law Reports

International Netherlands Group

Incorporated

Indian Penal Code

Insurance Regulatory and Development Authority

Journal of Indian Law Institute

Kashmir University Law Review

Law Commission of India

Lawyers Edition

Life Insurance Corporation of India

Limited

Multi National Corporations

National Commission of Applied Economic Research

Non Government Organizations

National Insurance Academy

Number

No Objection Certificate

Organization for Economic Cooperation and Development

Reserve Bank of India

Severe Acute Respiratory Syndrome

State Bank of India

Supreme Court

Supreme Court Cases

Securities and Exchange Board of India

Self Regulatory Organization

Unpublished

57. USA

58. ULIP

59. Vol.

60. WWW

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United States of America

Unit Linked Plan

Volume

World Wide Web

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