LIFE INSURANCE CORPORATION OF INDIA: A GIANT IN INDIA’S INSURANCE SECTOR
Journal Title: International Journal of Physical and Social Sciences (IJPSS) - Year 2012, Vol 2, Issue 6
Abstract
The history of life insurance in India started after the establishment of a British firm, Oriental Life Insurance Company at Calcutta in 1818 and Bombay Life Assurance Company in 1923. Before the establishment of Bombay Mutual Life Assurance Society (the Indian insurance company) in 1871, the Indian lives were treated as sub-standard and charged extra premium of 15 to 20 percent. The Bombay Mutual Assurance Society was covering Indian lives at normal rates. The Madras Equitable Life Insurance Society in 1874, Bharat Insurance Company in 1896, Hindustan Co-operative Insurance Company (Calcutta) in 1907; the Indian Mercantile, General Assurance and Swadeshi Life (Bombay Life) were also established during the same period. To regulate the life insurance business, the government passed the Indian Life Assurance Companies Act in1912. OBJECTIVES OF THE STUDY: The study has following objectives, 1. To know the importance of insurance in risk management 2. To study the history insurance in India, 3. To study the performance of Life Insurance Corporation of India and 4. To know the competitors of Life Insurance corporation of India.
Authors and Affiliations
Dr. Ravi N. Kadam
Keywords
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