Over 30,000 WebPages. Courses Offered Of Over 12,350 Institutes In India. The concept of Life Insurance is about a century old in India. Bombay Life Insurance Society Ltd. Which was established in 1871, began the Insurance services for the Indians. Prior to this life insurance mutual firms in the country served only the British.
Insurance is divided into four classes viz.
Life Insurance, Fire Insurance, Marine Insurance and Miscellaneous Insurance. GIC along with its four subsidiaries namely Oriental Insurance, New India Assurance, Insurance and United India Insurance was also taken over by the government in 1973. Insurance coverage in our country is still abysmally low. Liberalisation would widen the insurance coverage by providing variety of products to different categories of consumers at competitive prices. Permitting competition in insurance sector will also enable consumers to reap the benefit in terms of service.