A1OnlineInsurance Company

Indian insurance sector is considered as a booming market. India insurance history dating back till eighteenth century. Firstly, Oriental Life Insurance Company was started in 1818 by Europeans in Calcutta. India insurance companies had showed enormous increase since twentieth century. The earliest existing insurance company in India is National Insurance Company Limited and General Insurance Company of India. Life Insurance Corporation of India is a government type policy was founded in 1956 and its main headquarter is in Mumbai. T.S Vijayan and D.K Mehrotra, Thomas Mathew are the Chairman and Managing directors of it. This is the largest insurance company of India along with its 8 zonal offices and 101 divisional offices scattered in different parts of India. Due to adverse affect of India's first war of independence, World War I and II, great economic crises were take place in India; Then LIC of India spread the message of life insurance in country and mobilizes or motivates people's saving for nation- building activities.

Every vehicle in India should have valid insurance to drive on the road. There are mainly Third Party insurance and Comprehensive insurance for automobiles. Third part in this policy, insured person function as first party, insuring company second party and all other would be treated as third parties. Comprehensive insurance covers third party liability along with damage to insured vehicle itself by theft or accident. According to Indian Motor Tariff all vehicles are insured at a fixed value known as insurance declared value. Insurance policy is valid for one year and it is renewed after the payments of premiums received by the company so renewal of policy is must.

Traveling whether on business or leisure, you may face a wide Varity of risks like personal accidents, lost belongings, or any other damage. For the people who cannot afford high travel insurance packages then cheap travel insurance India is helpful for them. In India holiday travel insurance have gained enough admiration. For the business and students, business travel insurance packages and students travel insurance provide safe and secured traveling. Travel insurance companies in India are Tata AIG insurance, Galileo India Pvt. Ltd., ICICI Lombard general insurance Ltd., overseas travel insurance etc. Home insurance plan in India secure your home from any type of devastation. There are many home insurance companies in India who provide cheap home insurance package. Budget home insurance India covers loss to construction and contents of your home. The calamities covers are earthquake, damage due to fire, explosion, aircraft damage or many others loses.

General Insurance Corporation of India was founded by Central Government in 1972.Presently this insurance industry is operating in 17 countries directly through branches and 14 countries through subsidiary branches. The gross premium of general insurance industry in India during 1997-98 was approximately Rs.7700 crore. Central government of India has started Hut insurance scheme for small farmers and poor families in rural areas. Mediclaim insurance policy offers coverage of medical expenses incurred by an individual during treatment, injury or diseased occurred during insurance period. A new policy known as Videsh Yatra Mitra which provides coverage for medical expenses during the period of overseas travel. This new policy was introduced by General Insurance industry since 1998.One policy offers benefits up to US $2, 50000 for world wide travel excluding USA and Canada.

The second policy offers benefits up to US $5.00000 which includes USA and Canada. In India one of the most important insurance companies is Bhagyashree Child Welfare policy which covers girl child in the age group of 0 to 18 was come into action since 1998. In this policy, each of the girl child or both parents, an amount of Rs.25.000 would be deposited in the name of girl child. Crop Insurance Scheme was implemented in 15 states and two UT's for Kharif season. The premiums and claims of this policy is shared by Central and State government in ratio of 2:1 respectively. The association of GIC has implemented Jald Rahat Yojana with respect to expedite payment of compensation to road accident victims. The victims would directly contact to concerned insurance company. This scheme is popular in big cities of India like Mumbai, Calcutta, Bangalore, Delhi, Pune etc.

In public sector, disinvestment programmed of 1998-99 includes offer from Gas Authority of India Limited (GAIL), Videsh Sanchar Nigum Limited, CONCOR and Indian Oil Corporation. Insurance sector in India has now allowed FDI up to 25% and because of this a number of private companies have entered into life and general insurance sector and their share is rising in market. Main life insurers in India are Birla Sun Life Insurance Co. Ltd., ICICI Prudential Life Insurance Co. Ltd., HDFC Standard Life Insurance Co. Ltd., Allianz Bajaj Life insurance Co. Ltd., SBI Life Insurance Co. Ltd., Tata AIG Life Insurance Co. Ltd. Main non-life insurers are ICICI Lombard General insurance Co. Ltd., Oriental Insurance Co. Ltd., Reliance General Insurance Co. Ltd., United India Insurance Ltd. , National Insurance Co. Ltd.

General Insurance Corporation of India come in the category of reinsures. Public sector insurance companies and private companies and foreign companies both life and general helped astronomical growth of India insurance industry. Now India insurance industry has more than dozen private life insurance companies and about ten Private General Life insurance companies. Life insurance products offer coverage to insurer against the risk of death or disability. Besides this, non life insurance products cover risk against natural happenings or burglary. Due to more awareness, growth of India insurance story will not get more competitive or affordable to all sector of India society.