Beruflich Dokumente
Kultur Dokumente
PRESNTED BY Anand Marda (MB - 2031) Ambadas Mittapalli (MB - 2032) Page 1 Prashant Myadam (MB 2033)
Page 2
History Of Insurance
The story of insurance is probably as old as the story of mankind. The same instinct that prompts modern businessmen today to secure themselves against loss and disaster existed in primitive men also. They too sought to avert the evil consequences of fire and flood and loss of life and were willing to make some sort of sacrifice in order to achieve security.
Though the concept of insurance is largely a development of the recent past, particularly after the industrial era past few centuries yet its beginnings date back almost 6000 years.
Page 3
From 44 companies with total business-in-force as Rs.22.44 crore, it rose to 176 companies with total business-in-force as Rs.298 crore in 1938. During the mushrooming of insurance companies many financially unsound concerns were also floated which failed miserably. About 154 Indian insurance companies, 16 non-Indian companies and 75 provident were operating in India at the time of nationalization.
Page 4
LIC had 5 zonal offices, 33 divisional offices and 212 branch offices, apart from its corporate office in the year 1956. Today LIC functions with 2048 fully computerized branch offices, 109 divisional offices, 8 zonal offices, 992 satallite offices and the Corporate office. LICs Wide Area Network covers 109 divisional offices and connects all the branches through a Metro Area Network.
Page 5
Some of the important milestones in the life insurance business in India are: 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 nonlife 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.
Page 6
OBJECTIVES OF LIC
Wide Coverage Savings Mobilization Funds Investment Economy Trustee Meeting Growing Needs Efficient Service Motivating People
Page 7
BOARD OF DIRECTORS
Shri D.K. Mehrotra, (Current-in-Charge & CHAIRMAN, LIC )
Page 8
Shri Yogesh Lohiya, (Chairman Cum Managing Director, GIC of India ) Shri M.V. Tanksale, (Chairman & Managing Director, Central Bank of India) Dr. Sooranad Rajashekhran Shri Monis R. Kidwai Lt. General Arvind Mahajan (Retd.)
Page 9
23
18
00
24
24
01
Page 10
13. Reliance Life Insurance Company Limited Formerly known as AMP Sanmar LIC 14. ING Vysya Life Insurance 15. Shriram Life Insurance 16. Bharti AXA Life Insurance Co Ltd 17. Future Generali Life Insurance Co Ltd 18. IDBI Fortis Life Insurance 19. AEGON Religare Life Insurance 1 20. DLF Pramerica Life Insurance 21. CANARA HSBC Oriental Bank of Commerce LIFE INSURANCE 22. Star Union Dai-ichi Life Insurance Co. Ltd. 23. IndiaFirst Life Insurance Company 24. Edelweiss Tokio Life Insurance Co. Ltd
Page 12
Page 13
13) Shriram General Insurance 14) Future Generali 15) Bharti AXA 16) Universal Sompo 17) Raheja QBE General 18) SBI General Insurance 19) L & T General Insurance Standalone Health Insurance Companies 20) Star Health Insurance 21) Apollo Munich Health Insurance 22) Max Bupa Health Insurance Export Credit Guarantee Insurance 23) Export Credit Insurance (Public Sector) Agriculture Insurance Company 24) Agriculture Insurance (Public Sector)
Page 14
Page 15
TATA AIG
It is General insurance company and life insurance company General insurance and life insurance company of TATA AIG was established on 22th Jan.2001 and 12th Feb.2001 respectively joint venture company between TATA Group and AIG
Page 17
Page 18
Page 19
Money-back policy
Are useful for ..? Features.
Tax free benefits Holiday destination Reinvest
Page 20
Whole-life policy
Also called as Whole life Assurance
Page 21
Page 22
ThAnK YoU.
Page 23