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Indian Insurance Industry- India Insurance Sector
Insurance in India – An Overview

Indian Insurance may be described as a social device in Indiato reduce or eliminate risk of life and property. Under the plan of insurance in India a large range of individuals in India affiliate themselves by sharing probability attached to personal.
The danger which may be insured from consist of fire the peril of sea loss of life incident burglary. Any chance contingent upon these may possibly be insured against at a premium commensurate with the risk involved.
India Insurance is actually a contract between 2 parties in India whereby one party called insurer undertakes in exchange for a fixed sum called premium to pay the other party happening of a certain event.
Indian Insurance is a contract executed in India whereby in return for the payment of premium by the insured the insurers pay the financial losses suffered by the insured like a result of the occurrence of unforeseen events. Life insurance kurri kurri-weston
With the help of Insurance India significant variety of individuals exposed to a similar chance make contributions to a common fund out of which the losses suffered by the unfortunate few due to accidental events are made good.

Indian Insurance Marketplace
The recommendations of the committee for India Insurance put the put stress on offering operational autonomy to the insurance providers in India and also suggested forming an independent regulatory body for Indian Insurance.
The Insurance Regulatory and Development Authority Act of 1999 brought about several crucial policy changes in the insurance sector in India. The IRDA Act in was followed by the formation of the Insurance Regulatory and Development Authority IRDA 2000.
The goals of the IRDA are to safeguard the interests of insurance policyholders as well as initiate different policy measures to help sustain growth in the Indian insurance sector.

For the latest India insurance news and current Indian insurance updates please visit India Insurance Online.

Indian Insurance Policies – Introduction
Life insurance policies in India come in many different forms. The most common types include things like- term everyday living policies endowment policies joint everyday living policies whole living policies loan cover term assurance policies unit-linked insurance plans group insurance policies pension plans and annuities. General insurance plans are also available to cover motors insurance home insurance travel insurance and health insurance.
Generally defined insurance is a system of providing protection towards monetary loss caused by unforeseen events. Insurance policies provide safeguards to ease risks associated with unexpected accidents damages or the loss of personal property.
The history of insurance industryin India dates back to the year 1818 when the Oriental Life Insurance Company was formed in Kolkata. The Lifestyle Insurance Act of 1912 marked the beginning of a new era in the insurance sector of India.
The Indian Insurance Companies Act was passed in the year 1928. This act empowered the government of India to gather necessary information about the India everyday living insurance companies and India non-life insurance companyorganizations operating in Indian financial markets.
The Triton Insurance Company Ltd. formed in 1850 and was the first of its kind in the general insurance sector in India. The Indian Mercantile Insurance Limited was established in 1907 and was the company in India to handle all classes of insurance.
Indian Insurance Sector – Reform
Reform in the Indian insurance sector was initiated with the formation of the Malhotra Committee in 1993. It was named after R.N. Malhotra the then Finance Secretary and Reserve Bank of India RBI Governor who headed the committee.
The aim of the Malhotra Committee was to assess the functionality of the India insurance sector. This committee was also in charge of recommending the future path of insurance in India.
The Malhotra Committee attempted to improve various aspects of the India insurance in specific and financial sector in general making them more appropriate and effective for the Indian market.
Indian Insurance Regulator
Insurance Regulatory and Development Authority IRDARegulator website- Online-IRDA India Insurance Forum
IRDA has granted registration to private Indianlife insurance companies and Indiangeneral insurance companies. If the existing public sector insurance companies are included there are many insurance companies in the lifetime insurance side and many companies operating in general insurance business.

General Insurance Corporationhas been approved as the soleIndian reinsurer for underwriting only reinsurance business in India.
Indian Insurance Companies

Particulars of the Indian Insurance companies including both Indianlife insurers and Indian general insurers is given below-
India Existence Insurance CompaniesPublic Sector
Everyday living Insurance Corporation of India Company Online- Online-LIC India Insurance Forum
India Lifetime Insurance CompaniesPrivate Sector
Bajaj Allianz Life Insurance Company Limited
Company Online- Forum-Bajaj Allianz Existence Insurance Forum

Birla Sun-Life Insurance Company LimitedCompany Online- Forum-Birla Sun-Life Insurance Forum

HDFC Standard Everyday life Insurance Co. Limited Company Online- Forum-HDFC Standard Lifetime Insurance Forum
ICICI Prudential Everyday life Insurance Co. Limited Company Online- Forum-ICICI Prudential Everyday life Insurance Forum
ING Vysya Everyday living Insurance Company Limited Company Online- Forum-ING Vysya Life Insurance Forum
Max New York Lifetime Insurance Co. Limited Company Online- Forum-Max New York Living Insurance Forum
MetLife India Insurance Company Limited Company Online- Forum-MetLife India Insurance Forum
Kotak Mahindra Old Mutual Existence Insurance Co. Ltd.Company Online- Forum-Kotak Existence Insurance Forum

SBI Lifestyle Insurance Company Limited Company Online- Forum-SBI Life Insurance Forum

Reliance Lifetime Insurance Company Limited Company Online- Forum-Reliance Everyday living Insurance Forum
TATA AIG Everyday life Insurance Company Limited Company Online- Forum-TATA AIG Lifetime Insurance Forum
AvivaLife Insurance IndiaCompany Online- Forum-Aviva Existence Insurance Forum
Star Union Dai-ichi Lifestyle Insurance
Company Online- Forum-Star Union Dai-ichi Everyday living Insurance Forum

IDBI Fortis Lifestyle Insurance
Company Online- Forum-IDBI Fortis Living Insurance

Sahara India Living Insurance
Company Online- Forum-Sahara Lifestyle Insurance Forum

Shriram Lifetime Insurance
Company Online- Forum-Shriram Everyday life Insurance Forum

Bharti AXA Life Insurance
Company Online- Forum-Bharti AXA Lifestyle Insurance Forum

Future Generali Lifestyle Insurance
Company Online- Forum-Future Generali Life Insurance Forum

Canara HSBC Oriental Bank of Commerce Lifestyle Insurance
Company Online- Forum-Canara HSBC OBC Everyday life Insurance Forum

AEGON Religare Everyday living Insurance
Company Online- Forum-AEGON Religare Lifestyle Insurance Forum

DLF Pramerica Life Insurance
Company Online- Forum-DLF Pramerica Existence Insurance Forum
India General Insurance CompaniesPublic Sector
National Insurance Company LimitedCompany Online- Forum-National Insurance Forum
New India Assurance Company Limited Company Online- Forum-New India Insurance Forum
Oriental Insurance Company Limited Company Online- Forum-Oriental Insurance Forum
United India Insurance Company Limited Company Online- Forum-United India Insurance Forum

India General Insurance CompaniesPrivate Sector
Bajaj Allianz General Insurance Co. Limited Company Online- Forum-Bajaj Allianz General Insurance Forum
ICICI Lombard General Insurance Co. Ltd. Company Online- Forum-ICICI Lombard Insurance Forum
IFFCO-Tokio General Insurance Co. Ltd. Company Online- Forum-IFFCO-Tokio General Insurance Forum
Reliance General Insurance Co. Limited Company Online- Forum-Reliance General Insurance Forum
Royal Sundaram Alliance Insurance Co. Ltd. Company Online- Forum-Royal Sundaram Alliance Forum
TATA AIG General Insurance Co. Limited Company Online- Forum-TATA AIG General Insurance Forum
Cholamandalam MS General Insurance Co. Ltd. Company Online- Forum-Cholamandalam Insurance Forum
Export Credit Guarantee Corporation of India Company Online- Forum-Export Credit Guarantee India Forum
HDFC ERGO General Insurance Co. Ltd. Company Online- Forum-HDFC ERGO Insurance Forum

India Reinsurance Company – Indian Reinsurer
General Insurance Corporation of India
Company Online- Forum-General Insurance Corporation of India Forum

Insurance Policies in India
Indian Insurance sector has a larger contribution ofIndian insurance policiesto the financial market insurance market in India.
Reform process in the sector has started in the year 1991 and has facilitated to the private players to the market. Some of the insurance policy details requirement for the coverage in the policy date of commencement of the policy and their adopting organizations are as follows-
1. Social Security Group Scheme This scheme is administered by Living Insurance Corporation of India for fulfilling the requirement of the weaker section in the society. This scheme covers the peoples in the age group of 18-60 years and an insurance of Rs.5000 for natural death and of Rs.25000 on due to accidental death.

2. Shiksha Sahyog Yojana This scheme is working since December 312001. Underneath this scheme an educational scholarship of Rs.300 per quarter per child is given for a period of four years.
3. Jan Arogya Bima Policy Generally this scheme covers a special group of population who are unable to pay for high cost of medical treatments. The premium collection for the adults upto the age of 45 years is Rs. 70 and for children it is Rs. 50. The limit coverage is fixed at Rs.5000 per annum.
4. Mediclaim Insurance Policy This policy helps in reimbursing the medical expenses. The age coverage is from 5-80 years. Here there is a tax benefit of upto Rs 10000.
5. Jana Shree Bima Yojana In this insurance policy a minimum membership of the group should be 25. There is an insurance coverage of Rs 2000 on natural demise and Rs 50000 for accidental loss of life. The premium amount is fixed at Rs. 200 for single member. This scheme is working since August 102000.
6. Videsh Yatra Mitra Policy
It is for providing benefits for medical expenses during the period of overseas travel. This policy was started in the year 1998 by four General Insurance Companies.
7. Bhagya Shree Child Welfare Bima Yojana
This policy covers one girl child in a family upto the age of 18 whose parents age does not exceed 60 years. This policy is working since October 191998 with a premium of Rs.15 per annum.
8. Raj Rajeshwari Mahila Kalyan Yojana
This scheme provides protection to woman in the age group of 10 to 75 years with an insurance of Rs. 25000 and premium Rs.15 per annum. This scheme is working since October 191998.
9. Ashray Bima Yojana
The policy is covering workers in case of loss of jobs since October 102001. Here a maximum amount of Rs.3000 assistance is given to the workers till heshe gets an alternative opportunity.
10. Personal Accident Insurance Scheme for Kissan Credit Card
This scheme is working since 2001. Less than this scheme all the KCC holders are covered up to an age of 70 years. Insurance coverage includes 50000 for accidental demise and 25000 for partial disability. Life insurance kurri kurri-weston There are a lot of folks that love traveling and in addition they try to see as numerous places as they can as much as they can. Ideally travelers should get some kind of insurance so that they can secure their safety when they traveling. The multi excursion travel insurance is the best insurance for people who travel all the time.
Numerous trip travel insurance does apply to a number of outings that travelers can use when they travel. Several agencies may label this the yearly insurance plan since it can cover the trips you will be taking for up to twelve months. No matter how many trips you take this policy may still suffice.

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