In India the saga of Life Insurance begins in the Year of 1818. Oriental Life Insurance Company started by Europeans in Calcutta was the first life insurance company on Indian Soil. All the insurance companies established during that period were brought up with the purpose of looking after the needs of European community and Indian natives were not being insured by these companies.
Later many companines such as Bombay Mutual Life Assurance the first Indian life insurance company in the year 1870 covered Indian lives .
Later on after the Indedependence many private insurance companies which were performing in the indian soil were taken of by the government of India by an Special billin the Parliment.The Parliament of India passed the Life Insurance Corporation Act on the 19th of June 1956, and the Life Insurance Corporation of India was created on 1st September, 1956, with the objective of spreading life insurance much more widely and in particular to the rural areas with a view to reach all insurable persons in the country, providing them adequate financial cover at a reasonable cost.
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Tuesday, March 11, 2008
Indian Insurance Industry
History of Life Insurance in India
1818: Oriental Life Insurance Company, the first life insurance company on Indian soil started functioning.
1870: Bombay Mutual Life Assurance Society, the first Indian life insurance company started its business.
1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business.
1928: The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses.
1938: Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public.
1956: 245 Indian and foreign insurers and provident societies are taken over by the central government and nationalised. LIC formed by an Act of Parliament, viz. LIC Act, 1956, with a capital contribution of Rs. 5 crore from the Government of India.
After the opening up of Insurance sector in India there has been many number of insurance companies in India. These companies have come up with innovative and flexible insutrance policies to cater to varying needs of the individual.
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