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Insurance India

Insurance is one of the most potential and flourishing sectors of Indian economy today. India is the second most populous country, and one of the fastest growing economies of the world, but majority of its population lacks the benefits of diverse insurance policies. In the recent decades, there has been substantial development in most of the major and important sectors of the economy of India, and its people have attained financial growth and stability, together with ample awareness about various types of insurances available in the country, by nationalized and private insurance companies. Therefore, insurance india offers enormous growth prospects in all different fields of insurance, in the future years to come. By permitting the private corporations to solicit insurance, and giving approval for foreign direct investment up to 26%, the insurance market of India has been made more booming, for Indian and International companies and investors. Our present article offers precious information about the growth potential and profitability of insurance india in general.

Insurance in India Legal Facts

Insurance is placed in the concurrent list of the Seventh Schedule of Indian Constitution, which is handled by both State and Federal Governments of India. In the year 1956, Government of India passed an Ordinance to nationalize the insurance sector, and consequently, the Life Insurance Corporation of India (LIC) was formed. Since then, the Government of India has been modifying and improving the national insurance india, from time to time. In 1999, it introduced the Insurance Regulatory and Development Authority to allow the private companies into the insurance sector. Later on, foreign direct investment up to 26% was approved in Indian insurance companies. In 2006, the Actuaries Act was passed by the parliament to grant high and respectable status to the insurance professionals. Today, the minimum amount of capital necessary for establishing an insurance business in India is US$80 million, which is approximately equal to Rs. 400 Crore.

Top Insurance Companies of India

Today, there are a great many insurance companies in India with elegant and generous insurance policies and plans, in all diverse fields of Insurance, most prominent of these are the life insurance, home insurance, medical insurance, business insurance, vehicle insurance, health insurance, travel insurance, and so on. The most reputed and top insurance companies of India, are the following:

  • Life Insurance Corporation of India (LIC)
  • New India Assurance Company Ltd.
  • The Oriental Insurance Company Ltd.
  • Bajaj Allianz General Insurance
  • ICICI Prudential Life Insurance
  • Birla Sun Life Insurance
  • Tata AIG General Insurance
  • HDFC Standard Life Insurance
  • National Insurance Company Ltd.
  • The United India Insurance Company Ltd.

These major and leading insurance companies in India have been securing the health, home, career, family, and life of myriads of Indian people affectionately and generously, for a long time. The life insurance india, is well-served by these companies, through a variety of monthly, quarterly, and yearly installment schemes. These companies also rank high in respect of providing greater and securer medical insurance in india. The area of health insurance in india, too, is well-fed and made sound by these well-experienced insurers.