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Insurance In India
Insurance in India covers both public and private sector organisations. It is listed in the Seventh Schedule of India's Constitution as a Union List subject, meaning it can only be legislated by the Central government. The insurance sector has gone through a number of phases by allowing private companies to solicit insurance and also allowing foreign direct investment. India allowed private companies in insurance sector in 2000, setting a limit on FDI to 26%, which was increased to 49% in 2014, and further increased to 74% in May 2021. History When ''Oriental Life Insurance Company'' was started by Anita Bhavsar in Kolkata Kolkata, also known as Calcutta ( its official name until 2001), is the capital and largest city of the Indian state of West Bengal. It lies on the eastern bank of the Hooghly River, west of the border with Bangladesh. It is the primary ... to cater to the needs of European community. The LIC had monopoly until the late 90s when the Insurance ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Insurance
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to protect against the risk of a contingent or uncertain loss. An entity which provides insurance is known as an insurer, insurance company, insurance carrier, or underwriter. A person or entity who buys insurance is known as a policyholder, while a person or entity covered under the policy is called an insured. The insurance transaction involves the policyholder assuming a guaranteed, known, and relatively small loss in the form of a payment to the insurer (a premium) in exchange for the insurer's promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms. Furthermore, it usually involves something in which the insured has an insurable interest established by o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
India
India, officially the Republic of India, is a country in South Asia. It is the List of countries and dependencies by area, seventh-largest country by area; the List of countries by population (United Nations), most populous country since 2023; and, since its independence in 1947, the world's most populous democracy. Bounded by the Indian Ocean on the south, the Arabian Sea on the southwest, and the Bay of Bengal on the southeast, it shares land borders with Pakistan to the west; China, Nepal, and Bhutan to the north; and Bangladesh and Myanmar to the east. In the Indian Ocean, India is near Sri Lanka and the Maldives; its Andaman and Nicobar Islands share a maritime border with Thailand, Myanmar, and Indonesia. Modern humans arrived on the Indian subcontinent from Africa no later than 55,000 years ago., "Y-Chromosome and Mt-DNA data support the colonization of South Asia by modern humans originating in Africa. ... Coalescence dates for most non-European populations averag ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Constitution Of India
The Constitution of India is the supreme law of India, legal document of India, and the longest written national constitution in the world. The document lays down the framework that demarcates fundamental political code, structure, procedures, powers, and duties of government institutions and sets out Fundamental rights in India, fundamental rights, Directive Principles, directive principles, and the duties of citizens. It espouses constitutional autochthony, constitutional supremacy (not Parliamentary sovereignty, parliamentary supremacy found in the United Kingdom, since it was created by a Constituent Assembly of India, constituent assembly rather than Parliament of India, Parliament) and was adopted with a declaration in Preamble to the Constitution of India, its preamble. Although the Indian Constitution does not contain a provision to limit the powers of the parliament to amend the constitution, the Supreme Court in Kesavananda Bharati v. State of Kerala held that there ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Union List
The Union List, also known as List-I, is a list of 97 numbered items (after 101st Constitutional amendment act 2016, entry 92 and 92c removed) given in Seventh Schedule in the Constitution of India on which Parliament has exclusive power to legislate. The legislative section is divided into three lists: the Union List, State List and Concurrent List. In India, residual powers remain with the Central Government. This makes the government of India similar to the Canadian federal government, and different from the governments of the United States, Switzerland, or Australia. Items on union list There are 97 numbered items on the list. These are: :01. Defence of India and every part there of including preparation for defence and all such acts as may be conducive in times of war to its prosecution and after its termination to effective demobilisation. :02. Naval, military and air forces; any other armed forces of the Union. :2A. Deployment of any armed forces of the Union or an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Central Government Of India
The Government of India (ISO: Bhārata Sarakāra, legally the Union Government or Union of India or the Central Government) is the national authority of the Republic of India, located in South Asia, consisting of 36 states and union territories. The government is led by the president of India (currently ) who largely exercises the executive powers, and selects the prime minister of India and other ministers for aid and advice. Government has been formed by the The prime minister and their senior ministers belong to the Union Council of Ministers, its executive decision-making committee being the cabinet. The government, seated in New Delhi, has three primary branches: the legislature, the executive and the judiciary, whose powers are vested in bicameral Parliament of India, Union Council of Ministers (headed by prime minister), and the Supreme Court of India respectively, with a president as head of state. It is a derivation of the British Westminster system, and has a fed ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ministry Of External Affairs (India)
The Ministry of External Affairs (abbreviated as MEA; ISO 15919, ISO: ) is India's Ministry of foreign affairs, foreign ministry. The ministry is tasked with formulating and implementing Indian foreign policy, India's foreign policy and representing India on the global stage. The Ministry is headed by the Minister of External Affairs (India), Minister of External Affairs, a member of the Union Council of Ministers, Prime Minister's Cabinet. The Minister is typically assisted by one or more junior ministers, known as Ministers of State (MoS) for External Affairs. The Foreign Secretary (India), Foreign Secretary of the Republic of India is the senior-most non-elected official and the administrative head of the ministry. The Ministry of External Affairs operates more than List of diplomatic missions of India, 200 diplomatic missions around the world through which it represents the Government of India on the international stage. In addition, the Ministry is responsible for India's ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Foreign Direct Investment
A foreign direct investment (FDI) is an ownership stake in a company, made by a foreign investor, company, or government from another country. More specifically, it describes a controlling ownership an asset in one country by an entity based in another country. The magnitude and extent of control, therefore, distinguishes it from a foreign portfolio investment or foreign indirect investment. Foreign direct investment includes expanding operations or purchasing a company in the target country. Definitions Broadly, foreign direct investment includes mergers and acquisitions, building new facilities, reinvesting profits earned from overseas operations, and intra company loans. In a narrow sense, foreign direct investment refers just to building new facility, and a lasting management interest (10 percent or more of voting stock) in an enterprise operating in an economy other than that of the investor. FDI is the sum of equity capital, long-term capital, and short-term capital as ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Kolkata
Kolkata, also known as Calcutta ( its official name until 2001), is the capital and largest city of the Indian state of West Bengal. It lies on the eastern bank of the Hooghly River, west of the border with Bangladesh. It is the primary financial and commercial centre of eastern and northeastern India. Kolkata is the seventh most populous city in India with an estimated city proper population of 4.5 million (0.45 crore) while its metropolitan region Kolkata Metropolitan Area is the third most populous metropolitan region of India with a metro population of over 15 million (1.5 crore). Kolkata is regarded by many sources as the cultural capital of India and a historically and culturally significant city in the historic region of Bengal.————— The three villages that predated Calcutta were ruled by the Nawab of Bengal under Mughal suzerainty. After the Nawab granted the East India Company a trading license in 1690, the area was developed by ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Life Insurance Corporation Of India
The Life Insurance Corporation of India (LIC) is an Indian Public Sector Undertakings in India, public sector life insurance company headquartered in Mumbai. It is India's largest insurance company as well as the largest institutional investor with total assets under management worth as of March 2025. It is under the ownership of Government of India and administrative control of the Ministry of Finance (India), Ministry of Finance. The Life Insurance Corporation of India was established on 1 September 1956, when the Parliament of India passed the Life Insurance of India Act, nationalising the insurance industry in India. Over 245 insurance companies and provident societies were merged. LIC reported 29 crore (290 million) policyholders as of 2019, a total life fund of . The company also reported having settled 2.6 crore (26 million) claims in 2018–19. It ranked 98th on the 2022 Fortune Global 500 list with a revenue of and a profit of . History Founding organisations The ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Insurance Regulatory And Development Authority Of India
The Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous and statutory body under the jurisdiction of Ministry of Finance, Government of India. It is tasked with regulating and licensing the insurance and re-insurance industries in India. It was constituted by the Insurance Regulatory and Development Authority Act, 1999, an Act of Parliament passed by the Government of India. The agency's headquarters are in Hyderabad, Telangana, where it moved from Delhi in 2001. The Insurance regulatory and Development Authority of India has directed Health Insurance providers to develop specialized policies to cater to the needs of senior citizens and also establish dedicated channels for addressing their grievances and claims. With effect from 1 April 2024, IRDAI has removed the age limit for purchasing health insurance policies.Earlier, 65 years was the age limit for buying new health insurance policies IRDAI is a 10-member body including the chairman, five ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
List Of Insurance Companies In India
Following is the list of insurance companies in India which have been approved by the Insurance Regulatory and Development Authority of India (IRDAI) which is a statutory body regulating and promoting the insurance and reinsurance industries in India.There are three types of Insurance Companies in India which are as given below: Life insurance companies As of 1 April 2025, IRDAI has recognized 26 life insurance companies. Following is the list: Non Life insurance companies As of 1 April 2025, IRDAI has recognized 33 non-life insurance companies of which 6 are standalone health insurance companies. Reinsurance companies In 1 April 2025, IRDAI recognized the first private reinsurer ending state-monopoly of GIC Re since 1972.. References External links Insurance Regulatory & Development Authority {{Insurance in India Life insurance companies of India India India, officially the Republic of India, is a country in South Asia. It is the List of countries and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Life Insurance In India
Life insurance is one of the growing sectors in India since 2000 as Government allowed Private players and FDI up to 26% and recently Cabinet approved a proposal to increase it to 49%. In 1955, mean risk per policy of Indian and foreign life insurers amounted respectively to ₹2,950 & ₹7,859 (worth ₹15 lakh & ₹41 lakh in 2017 prices). Life Insurance in India was nationalised by incorporating Life Insurance Corporation (LIC) in 1956. All private life insurance companies at that time were taken over by LIC. In 1993, the Government of India appointed RN Malhotra Committee to lay down a road map for privatisation of the life insurance sector. Types of life insurance in India * Unit-linked insurance plan Companies Below are the list of life insurance companies in India: * Life Insurance Corporation of India * HDFC Life * ICICI Prudential Life Insurance * Bajaj Allianz Life Insurance * Kotak Life Insurance * SBI Life Insurance Company SBI Life Insurance Company Limi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
