INTRODUCTION OF INSURANCE IN INDIA

Jun 21st, 2015
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1.1 HISTORY OF INSURANCE IN INDIA :In India, insurance has a deep-rooted history. It finds mention in the writings of Manu (Manusmrithi), Yagnavalkya (Dharmasastra) and Kautilya (Arthasastra). The writings talk in terms of pooling of resources that could be re-distributed in times of calamities such as fire, floods, epidemics and famine.

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CHAPTER 1INTRODUCTIONOF INSURANCE ININDIAINTRODUCTION OF INSURANCE1.1 History of Insurance in India1.2 What is Insurance?1.3 Types of Insurance1.4 Types of Insurance Policies1.5 Benefits of ULIPs1.6 Advantage of Insurance1.7 Functions of Insurance1.8 Issues and Challenges1.1 HISTORY OF INSURANCE IN INDIAIn India, insurance has a deep-rooted history. It finds mention in the writings of Manu(Manusmrithi), Yagnavalkya (Dharmasastra) and Kautilya (Arthasastra). The writings talk interms of pooling of resources that could be re-distributed in times of calamities such as fire,floods, epidemics and famine. This was probably a pre-cursor to modern day insurance.Ancient Indian history has preserved the earliest traces of insurance in the form of marinetrade loans and carriers contracts. Insurance in India has evolved over time heavily drawingfrom other countries, England in particular.1818 saw the advent of life insurance business in India with the establishment of the OrientalLife Insurance Company in Calcutta. This Company however failed in 1834. In 1829, theMadras Equitable had begun transacting life insurance business in the Madras Presidency.1870 saw the enactment of the British Insurance Act and in the last three decades of thenineteenth century, the Bombay Mutual (1871), Oriental (1874) and Empire of India (1897)were started in the Bombay Residency. This era, however, was dominated by foreigninsurance offices which did good business in India

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