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LIFE INSURANCE CORPORATION OF INDIA (Insurance Industry)

LIFE INSURANCE CORPORATION OF INDIA (Insurance Industry)

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Published by salil12356

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Categories:Types, School Work
Published by: salil12356 on Aug 30, 2010
Copyright:Attribution Non-commercial

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10/18/2012

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Stage 1PresentationOnInsurance Industry
PresentersSalilShrivastavaPrateekThakurVijay patel
 
Introduction
what is Insurance?
µInsurance¶ is basically a sharing device. The losses toassets resulting from natural calamities like fire, flood,earthquake; accidents, etc. are mate out of thecommon pool contributed by large number of personwho is exposed to similar risks.
Milestone of Indian life insurance industry:-
1912:
 
The Indian Life Assurance Companies Act enacted as thefirst statute to regulate the life insurance business.
1928:
 
The Indian Insurance Companies Act enacted to enable thegovernment to collect statistical information about both life andnon-life insurance businesses.
1938:
 
Earlier legislation consolidated and amended to by theInsurance Act with the objective of protecting the interests of the insuring public.
 
L
ife Insurance Corporation
Founded 1 September 1956ProductsIndividual Life Insurance ,GroupInsurance and Pension PlansTotal assetsRs.8 trillion (US$178.4 billion) Life Insurance Corporation of India currentlyhas 8 zonal Offices and 101 divisional officeslocated in different parts of India, at least2048 branches located in different cities andtowns of India along with satellite Officesattached to about some 50 Branches, andhas a network of around 1.2 million agents for soliciting life insurance business from the

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