Insurance in India Provides You a Comfortable Life By Camelia Richards
Insurance in India is a national issue in which general insurance is flourishing with huge possibilities of different global companies. Its sector in India has changed different diagonals after the year 1999 when the government of India opened up the such sector for the private companies to request indemnity and allows FDI up to 26%. After this, it was considered to be as a boom market amongst global companies.
The insurance in India took place by the Europeans to furnish their requirement since back dates to 1818. Later in 1870, Bombay Mutual Life Assurance Society has covered Indian live at normal rate and it became the first insurance corporation in India. With the going year since in 1912, the Indian government has passed two acts. The first one is the life insurance company act and next is Provident Fund Act. The acts are passed to regulate the business of insurance.
One of the oldest National Insurance Company that has come in year 1906 has played an important role in regulating it in India. There were two state insurers in such sector like: Life insurer and General insurer. Life Insurance Corporation of India (LIC) falls in Life insurer and General Insurance Corporation of India (GIC) falls in General insurers. But from the year 2000 they were de-linked from the root company and renamed and declared as individual independent insurance company such as National Insurance Company Limited, New India Assurance Company Limited, United India Insurance Company Limited and Oriental Insurance Company Limited.
There are various companies in India which is giving you big plans for a comfortable future and also provides you assurance of surety of financial protection. You can go for HDFC Standard life, Bajaj Allianz Life company, Life Insurance Corporation of India, Tata AIG Life Insurance, Aviva Life, Birla Sun Life, ICICI Prudential, Kotak, Mahindra, and Reliance Life etc.
Although there are many policies available in Insurance market which confuses a person, you could find good information here about insurance in India