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Presented By: Sudhanshu Kumar Jha:92 Sulagna Mukherjee:93
Presented By: Sudhanshu Kumar Jha:92 Sulagna Mukherjee:93
By:
Sudhanshu Kumar
Jha:92
Sulagna
Mukherjee:93
Sumit Sharma:94
Sushil Tommar:95
Tarit Chatterjee:96
Udit Grover:97
Insurance is something that almost all of us will
need sometime, and it is worth understanding it
before buying it.
Life General
Life General
( 16 Companies) (09 Companies)
GIC and
its Four
subsidiaries
Post Office
LIC of India
Insurance
5
-Several leading private sector companies have entered in the field
of insurance sector, both in life and non-life insurance.
-There are several MNCs, in Joint Venture with Indian private
sector firms, have started operations in a big way.
Private Players in the Life Insurance Business
Regd. Date of Name of the Who Owns it (in percentage)
No. Regd. Company
101 23.10.00 HDFC Standard Life Standard Life, UK - 18 and HDFC – 82
104 15.11.00 Max New York Life New York Life - 26 and Max India – 74
105 24.11.00 ICICI Prudential Life Prudential, UK - 26 and ICICI Bank – 74
107 10.01.01 Om Kotak Mahindra Old Maruthi, South Africa – 26 and Kotak
Mahindra – 74
109 31.01.01 Birla Sunlife Sun Life of Canada–26 and Birla Capital– 74
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Life Insurance: Life insurance products include Term Life
policies, which give a pure risk coverage of only the death benefit,
whereas endowment or money back policies have a risk as well as
savings component i.e. death as well as maturity benefit.
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Aid To Thrift (economy):
Liquidity:
Tax Relief:
Money When you need it:
02/06/10 11
Prier nationalization there were 68 Indian insurers (including
LIC) and 45 non-Indian insurers did the business.
In Nov. 1972, the general insurance business was nationalized by
the General Insurance Business (Nationalized), Act 1972
(GIBNA) and vested in the hand of the GIC and its four
subsidiaries viz.
1. National Insurance Co. Ltd.,
2. New India Assurance Co. Ltd.,
3. Oriental Fire and General Insurance Co. Ltd., and
4. United India Insurance Co. Ltd.
GIC was incorporated as a holding company in 1992.
General Insurance Business is completely owned by the
government.
The paid up capital of GIC was fully subscribed by the
Government and of four subsidiaries.
It was controlled by a single organization with four subsidiaries.
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1. Central Govt. securities being not less than 20%
2. State Govt. securities and other government guaranteed
securities, including (1) above, being not less than 30%
3. Loans to HUDCO/DDA/GIC-HF and to state govts. For
housing and fire fighting equipment, not less than 15%
4. Market sector not more than 55%
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S.No Life Insurance General Insurance
1 Death benefit Motor Insurance
2 Property Insurance
3 Liability Insurance
4 Credit Insurance
5 Travel Insurance
6 Health Insurance
7 Disability Insurance
Motor Car Insurance: No longer a Luxury
But a Necessity.
Eg: Insurance may be necessity for richer