Basic Viewpoint From Indian Perspective:
There are different types of insurance such as home insurance, travel insurance, life insurance, health insurance, car insurance etc. According to law and economics, insurance is a kind of risk management chiefly based to avoid the risk of financial loss. In simple terms, insurance allows compensation for the insured who suffer a loss or accident caused by misfortunes and natural calamities. Insurance helps you to protect yourself against various risks related to health, home, properties and financial situation. The main aim of all insurance is to recompense the insured from all loss that arises from a variety of risks, which he or she expects from his life, property and business. Therefore insurance is most essential to protect you from all losses by avoiding financial devastation and crisis. Insurance has been a form of savings in many countries, and in many developed countries, a high portion of domestic saving is in the form of insurance plans and policies. This is not surprising and we can also find this system in many developing countries like South Africa, India, Chile and Italy etc. Usually there is rapid growth in insurance when the income level of a country improves.
Earlier, there were only two insurance companies that operated the insurance sector in India, Life Insurance Corporation of India (LIC) and the other General Insurance Corporation of India (GIC). But on December 2000, the subsidiaries were declared independent and began to operate as independent insurance companies. In India, insurance is really a matter of concern and both the life insurance as well as the general insurance is booming with huge possibilities. According to statistics the life insurance premiums and the general insurance premiums accounts to 2.5% and 0.65% of India’s GDP respectively. The Indian Insurance sector has undergone several changes and phases and today it has established firmly by contributing a lot to the Indian economy.
There are many insurance companies providing their services in India. Some of the well known companies are:
- Aviva Life Insurance Company India Limited
- HDFC Standard Life Insurance Company Limited
- Bajaj Allianz Life Insurance Company Limited
- Max New York Life Insurance Company Limited
- Bharti AXA Insurance
- Tata AIG General Insurance Company Limited
- ICICI Prudential Life Insurance Company
- Reliance General Insurance Company Limited
- MetLife India Insurance Company Private Limited
- Birla Sun Life Insurance
- Kotak Mahindra Insurance Limited
- United India Insurance Company Limited
- New India Assurance Company
- Royal Sundaram Alliance Limited
- Cholamandalam Insurance MS Limited
- Max Bupa Health Insurance
Apart from the above listed companies there are other insurance companies as well. These companies offer different types of insurance products such as life, health, travel, car etc.
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