Insurance

Basic Types Of Life Insuranc Life insurance has become a personal need for many people. Considering that every individual desires to have a safe and secure life, he or she will include life insurance in his or her life. In order to purchase the right one, there is a need to know the basic types of life insurance. There are two basic types of life insurance quotes: term insurance and whole life. Term insurance is defined as the easiest and cheapest type of policy. If intend to get our dependents when we die, this type of insurance is the right one for us. Even though this type of insurance is considered as the least expensive one but it will get more expensive when we are aging. We should make sure that our premium will be as low as possible for the first twenty years in maximum. Whole life is defined as a more expensive type of policy. It is because there is a combination of the protection with saving aspects. We can borrow from the insurance policy for our needs based on specified terms and conditions. What is more, this type of policy is perfect if we desire to have a protection for our entire life

Insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer, or insurance carrier, is a company selling the insurance; the insured, or policyholder, is the person or entity buying the insurance policy. The amount to be charged for a certain amount of insurance coverage is called the premium. Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice. The transaction involves the insured assuming a guaranteed and known relatively small loss in the form of payment to the insurer in exchange for the insurer's promise to compensate (indemnify) the insured in the case of a financial (personal) loss. The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insured will be financially compensated.

The Insurance Institute of India formerly known as Federation of Insurance Institutes (J.C. Setalvad Memorial) was established in the year 1955, for the purpose of promoting Insurance Education & Training in the country. Institute qualifications are held in esteem both by the regulator and the industry. In its role as an leading education and training provider I.I.I. is closely associated with all the segments of the insurance industry which includes Insurance regulatory authority of india, public and private sector insurance companies

This list of Indian insurance companies is based on the list of insurance companies registered and approved with the Insurance Regulatory and Development Authority. General insurance companies - List [edit]Public Sector Government of India Fully owned 4 companies: National Insurance Co Ltd (public sector) New India Assurance Co Ltd (public sector) Oriental Insurance Co Ltd (public sector) United India Insurance Co Ltd (public sector) [edit]Private Sector Bajaj Allianz General Insurance Bharti AXA General Insurance[1] Cholamandalam MS Future Generali India Insurance[1] HDFC ERGO General Insurance[1] ICICI Lombard[1] IFFCO Tokio Liberty Videocon General Insurance Co Ltd L & T General Insurance[1] Magma HDI General Insurance Co Ltd Raheja QBE General Insurance[1] Reliance General Insurance Royal Sundaram[1] SBI General Insurance[1] Shriram General Insurance[1] Tata AIG General Universal Sompo General Insurance[1] [edit]Standalone health insurance companies - List [edit]Private Sector Apollo Munich Health Insurance[1] Max Bupa Health Insurance[1] Religare Health Insurance Company Ltd Star Health Insurance [edit]Export credit guarantee insurance companies - List [edit]Public Sector Export Credit Guarantee Corporation of India [edit]Agriculture insurance companies - List [edit]Life insurance companies - List [edit]Public Sector Government of India Fully owns 1 company: Life Insurance Corporation of India (public sector) [edit]Private Sector AEGON Religare Life Insurance[2] Aviva Life Insurance[2] Bajaj Allianz Life Insurance Bharti AXA Life Insurance Co Ltd[2] Birla Sunlife[2] Canara HSBC Oriental Bank of Commerce Life Insurance[2] Star Union Dai-ichi Life Insurance DLF Pramerica Life Insurance[2] Edelweiss Tokio Life Insurance Co. Ltd[2] Future Generali Life Insurance Co Ltd[2] HDFC Standard Life Insurance Company Limited ICICI Prudential IDBI Federal Life Insurance IndiaFirst Life Insurance Company ING Vysya Life Insurance[2] Kotak Life Insurance[2] Max Life Insurance[2] MetLife India Life Insurance[2] Reliance Life Insurance Company Limited[2] Sahara Life Insurance[2] SBI Life Insurance Company Limited Shriram Life Insurance[2] TATA AIA Life Insurance [edit]Re-insurance companies - List Public Sector Government of India Fully owns 1 company: GIC Re (General Insurance Corporation of India - Re-In Life insurance companies - List [edit]Public Sector Government of India Fully owns 1 company: Life Insurance Corporation of India (public sector) [edit]Private Sector AEGON Religare Life Insurance[2] Aviva Life Insurance[2] Bajaj Allianz Life Insurance Bharti AXA Life Insurance Co Ltd[2] Birla Sunlife[2] Canara HSBC Oriental Bank of Commerce Life Insurance[2] Star Union Dai-ichi Life Insurance DLF Pramerica Life Insurance[2] Edelweiss Tokio Life Insurance Co. Ltd[2] Future Generali Life Insurance Co Ltd[2] HDFC Standard Life Insurance Company Limited ICICI Prudential IDBI Federal Life Insurance IndiaFirst Life Insurance Company ING Vysya Life Insurance[2] Kotak Life Insurance[2] Max Life Insurance[2] MetLife India Life Insurance[2] Reliance Life Insurance Company Limited[2] Sahara Life Insurance[2] SBI Life Insurance Company Limited Shriram Life Insurance[2] TATA AIA Life Insurance

Insurance is a subject listed in the Union list in the Seventh Schedule to the Constitution of India where only centre can legislate. The insurance sector has gone through a number of phases by allowing private companies to solicit insurance and also allowing foreign direct investment of up to 26%, the insurance sector has been a booming market. However, the largest life-insurance company in India is still owned by the government. National Insurance Academy, Pune, has a 32 acre campus & 30-plus faculty, specialized in teaching, conducting research and providing consulting services in the insurance sector. NIA offers a two year PGDM program in insurance. NIA was founded as Ministry of Finance initiative with capital support from the then public insurance companies, both Life (LIC) and Non-Life (GIC, National, Oriental, United & New India). Amity School of Insurance Banking and Actuarial science (ASIBAS) of Amity University, located in Noida and established in 2000, offers programs in insurance (MBA), insurance and banking (MBA), and actuarial sciences (M.Sc and B.Sc). Birla Institute of Management Technologyn a graduate business school located in Greater Noida, established in 1988, offers a PGDM-IBM program in insurance business management.This program was launched in 2000 by the Centre for Insurance and Risk Management and is accredited by the Insurance Regulatory and Development Authority. Life Office Management Association (LOMA),USA is BIMTECH's educational partner and BIMTECH is an approved centre for LOMA examination. The Chartered Insurance Institute(CII), UK has accorded recognition (by way of credits) to the BIMTECH PGDM-IBM program.Their two year PGDM program in insurance business has been recognized as equivalent to the Associate level of the Insurance Institute of India, Mumbai. NLU, Jodhpur, offers a two year MBA and one year MS (for engineering graduates) program in insurance. IRDA controls all the Insurance business in India. They are setting structure and boundaries for the insurance companies to act upon. Starting from licensing to approving the products, IRDA directs the companies in India. They also protect customer interests in the country. As per current guidelines issued by IRDA, Insurance Companies are not permitted to invest in Indian Depository Receipts ( IDR), while they are permitted to invest in Equity shares/ Bonds/ Debentures. IRDA needs to remove this disparity to open up investment opportunity by Ins Companies and thereby also enhance the liquidity of IDRs ( Contributed by Sanjay Banka, FCA FCS)