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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
www.aicofindia.org/

Bajaj Allianz General Insurance www.bajajallianz.com/

Bajaj Allianz Life Insurance www.bajajallianzlife.co.in/

Bharti AXA General Insurance www.bharti-axalife.com/

Cholamandalam MS General Insurance www.cholainsurance.com/

Employees' State Insurance Corporation www.esic.nic.in/

Export Credit Guarantee Corporation of India Limited https://www.ecgc.in/

General Insurance Corporation of India
www.gicofindia.in/

IFFCO-TOKIO General Insurance Co. www.itgi.co.in/

Insurance Institute of India www.insuranceinstituteofindia.com/

Insurance Regulatory and Development Authority www.irdaindia.org/

Life Insurance Corporation of India
www.licindia.com/

Max New York Life www.maxnewyorklife.com/

National Insurance Company Limited www.nationalinsuranceindia.com/

New India Assurance www.niacl.com/

Oriental Insurance Company Limited www.orientalinsurance.nic.in/

Reliance General Insurance www.reliancegeneral.co.in/

Reliance Life Insurance www.reliancelife.co.in/

SBI Life Insurance Company Limited www.sbilife.co.in/

TATA AIG General Insurance
www.tata-aiggeneral.com/

TATA AIG Life Insurance www.tata-aig.com/

United India Insurance Company Limited www.uiic.co.in/

General Insurance, India www.gicofindia.in/

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.

Urs,

RLS



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