Insurance In India

Insurance In India 

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Started in India in the year 1818 with the establishment of the Oriental Life Insurance Company in Calcutta. The General insurance business in India, on the other hand, can trace its roots to the Triton Insurance Company Ltd., the first general insurance company established in the year 1850 in Calcutta by the British.

IRDA Act 1999  

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Company is formed and registered under the Companies Act, 1956; The aggregate holdings of equity shares by a foreign company, either by itself or through its subsidiary companies or its nominees, do not exceed 26%, paid up equity capital of such Indian insurance company; The company's sole purpose is to carry on life insurance business or general insurance business or reinsurance business. The minimum paid up equity capital for life or general insurance business is Rs.100 crores. The minimum paid up equity capital for carrying on reinsurance business has been prescribed as Rs.200 crores.

LIFE INSURERS

Websites

Public Sector Life Insurance Corporation of India

www.licindia.com

Private Sector Allianz Bajaj Life Insurance Company Limited

www.allianzbajaj.co.in

Birla Sun-Life Insurance Company Limited

www.birlasunlife.com

HDFC Standard Life Insurance Co. Limited

www.hdfcinsurance.com

ICICI Prudential Life Insurance Co. Limited

www.iciciprulife.com

ING Vysya Life Insurance Company Limited

www.ingvysayalife.com

Max New York Life Insurance Co. Limited

www.maxnewyorklife.com

MetLife Insurance Company Limited

www.metlife.com

Om Kotak Mahindra Life Insurance Co. Ltd.

www.omkotakmahnidra.co m

SBI Life Insurance Company Limited

www.sbilife.co.in

TATA AIG Life Insurance Company Limited

www.tata-aig.com

AMP Sanmar Assurance Company Limited

www.ampsanmar.com

Dabur CGU Life Insurance Co. Pvt. Limited

www.avivaindia.com

GENERAL INSURERS Public Sector National Insurance Company Limited

www.nationalinsuranceindia .com

New India Assurance Company Limited

www.niacl.com

Oriental Insurance Company Limited

www.orientalinsurance.nic.i n

United India Insurance Company Limited

www.uiic.co.in

Private Sector Bajaj Allianz General Insurance Co. Limited

www.bajajallianz.co.in

ICICI Lombard General Insurance Co. Ltd.

www.icicilombard.com

IFFCO-Tokio General Insurance Co. Ltd.

www.itgi.co.in

Reliance General Insurance Co. Limited

www.ril.com

Royal Sundaram Alliance Insurance Co. Ltd.

www.royalsun.com

TATA AIG General Insurance Co. Limited

www.tata-aig.com

Cholamandalam General Insurance Co. Ltd.

www.cholainsurance

Terminologies Insurance  Insurer  Insured  Premium  Beneficiary  Insured Amount 

Compensation  Indemnity  Assurance vs. Insurance  Reinsurance 

Types of Plans Term Life Insurance Plans  Endowment Type Plans  Children’s Assurance Plans  Annuity & Pension Plans 

Riders In Life Insurance Policy Double Sum Assured Rider  Critical Illness Rider  Accidental Death Benefit Rider  Waiver of Premium 

Procedure        

Filling up a proposal form Proof of Age Medical Examination Confidential Report of the agent Acceptance of proposal Issue of policy Renewal Notice Bonus notice

‘With Profit’ Bonus •

HDFC Endowment Assurance Plan, HDFC Money Back Plan, HDFC Children’s PlanRs - 22.50 Per thousand Sum Assured HDFC Savings Assurance Plan HDFC Assurance PlanRs - 32.50 Per thousand Sum Assured HDFC Regular Premium Pension PlanRs - 22.50 Per thousand Sum Assured HDFC Single Premium Pension PlanRs 50.00 Per thousand Sum Assured HDFC Single Premium Whole of Life Plan - Rs 50.00 Per thousand Sum Assured and attaching bonuses

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Whole Life Policies – Rs.66.00 per thousand sum

assured Bonus on various plans per thousand sum assured for 16 years and above is as under. The bonus depends on terms of the policy. The bonus amount is higher for long term policies.   

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Endowment Type Policies-range from Rs.40.00 to Rs.46.00. Money Back, Anticipated Endowment – Rs.37.00 (term 20 years) & Rs.42.00 (term 25 years) Jeevan Mitra, Jeevan Sathi, Limited Payment Endowment Policies – range from Rs.43.00 to Rs.47.00. Jeevan Surabhi Policies – Rs.39.00 (term 20 years) and Rs.47.00 (term 25 years) Jeevan Anand plan – range from Rs.40.00 to Rs.44.00 Jeevan Rekha Plan – range from Rs.33.00 (term >20 years) to Rs.48.00 (term 10 years and less). Jeevan Anurag – range from Rs.32 to Rs.35. Jeevan Tarang – Rs.32 New Jeevan Suraksha–I– Rs.32 (per thousand Notional Cash Option) New Jeevan Dhara–I– Rs.30 (per thousand Notional Cash Option).

Interim Bonus     

HDFC Endowment Assurance Plan, HDFC Money Back Plan, HDFC Children’s' Plan Rs 22.50 Per thousand Sum Assured HDFC Savings Assurance Plan,HDFC Assurance Plan Rs 32.50 Per thousand Sum Assured HDFC Regular Premium Pension PlanRs 22.50 Per thousand Sum Assured HDFC Single Premium Pension PlanRs 50.00 Per thousand Sum Assured HDFC Single Premium Whole of Life PlanRs 50.00 Per thousand Sum Assured and attaching bonuses

The following diagram* demonstrates how bonuses could build up on a 25-year 'With Profits' Endowment Assurance Plan on maturity