LIFE INSURANCE AWARNENESS AMOUNG TAMILNADU STATE TRANSPORT CORPORATION BUS DRIVERS
Journal Title: International Journal of Management, IT and Engineering - Year 2017, Vol 7, Issue 10
Abstract
The life insurance of India is long as the maintenance of a family depends on the earning power of the bread winner so long as earning power can be destroyed by death, old age, or disability, just so long will life insurance continue to be the keystone of the individual and those who are dependent upon him. On Sep-1, 1956, LIC of India came into existence with the merger of 245 foreign and Indian insurance companies through an Act passed in January 1956, on the eve of LIC’S birth, Jawaharlal Nehru, the then prime Minister, said, “life Insurance becomes one of the major state undertaking in India. Its objectives will be to serve the individual as well as the state. The profit motive goes out of it and the service motive becomes much more dominant Mr.C.D.Deshmukh, the then finance minister, said, “Insurance is an essential service, which a welfare state must make available to its people. It is a measure conceived in a genuine spirit of service to the people. The main aim of nationalization was to avoid the malpractice of the private insurance, to invest the policy holder’s funds for their benefit and that of the nation, conduct business in an economic way and to spread life insurance even to the remote parts of the country. The economists consider the bread-winners as better human beings and their life values invaluable for their dependents in the family. The head of the family he impressed with the sacred duty of utilizing life insurance, as a means to protect his kith and kin against the perils of his premature death or unforeseen physical disabilities, rendering him Jobless. Life insurance business was steadily on the increase in the first half of the 20th century. The practices followed by insurance companies were not always in the interest of policyholders (or) of society at large. In 1993, a new insurance Act was passed. It was a comprehensive law governing not only life but also non-life braches of insurance and provided strict state control over the insurance business. The actual value of life insurance policy is determined not by the amount invested, but by the cost of risk cover included in the premium payment.
Authors and Affiliations
Dr. M. Prakash And V. Syed Mohammed Sahir
Keywords
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