Tuesday, April 14, 2009

Overview of Insurance in India

Insurance in India

Before insurance sector was opened to the private sector Life Insurance Corporation (LIC) was the only insurance company in India.
After the opening up of Insurance sector in India there have been a lot of insurance companies in India.

These companies have come up with innovative and flexible insurance policies to cater to varying needs of the individual.
Opening up of the Insurance sector has also forced the LIC to tighten up its belt and deliver better service.

The Top Most Insurance companies & regulatory boards with their official sites are as mentioned below.

Insurance Companies & their Official Sites

Agriculture Insurance Company of India

Bajaj Allianz General Insurance

Bajaj Allianz Life Insurance

Bharti AXA General Insurance

Cholamandalam MS General Insurance

Employees' State Insurance Corporation

Export Credit Guarantee Corporation of India Limited

General Insurance Corporation of India

IFFCO-TOKIO General Insurance Co.

Insurance Institute of India

Insurance Regulatory and Development Authority

Life Insurance Corporation of India

Max New York Life

National Insurance Company Limited

New India Assurance

Oriental Insurance Company Limited

Reliance General Insurance

Reliance Life Insurance

SBI Life Insurance Company Limited

TATA AIG General Insurance

TATA AIG Life Insurance

United India Insurance Company Limited

General Insurance, India

General Insurance provides much-needed protection against unforeseen events such as accidents, illness, fire, burglary et al.
Unlike Life Insurance, General Insurance is not meant to offer returns but is a protection against contingencies.
Almost everything that has a financial value in life and has a probability of getting lost, stolen or damaged can be covered through General Insurance policy.

Property (both movable and immovable), vehicle, cash, household goods, health, dishonesty and also one's liability towards others can be covered under general insurance policy.

Under certain Acts of Parliament, some types of insurance like Motor Insurance and Public Liability Insurance have been made compulsory.
In the fore coming days, we will discuss more towards Insurance policies and their types.

Also we will have a discussion on the policies from different companies and comparison of the same towards performance and usefulness towards the general public.
Feel free to express your ideas and opinions on the same.



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