A contract between two parties whereby one party called the insurer undertaking exchange for a fix sum called premium to the other party called insured a fixed amount of money on the happening certain events.

GENERAL INSURANC

E

Flexibility

Transparency

Liquidity

Diverse fund options

Oriental life insurance company- Calcutta 1818

Bombay life insurance 1823 Triton general insurance 1850 1956 nationalisation of oriental life

insurance company- Calcutta 1818 245 Indian companies emerged under LIC 1973 Non-life /general insurance was

nationalised.

1991 – Government had set up Malhotra committee.

March 16th 1999 – Indian

cabinet approved IRA (Insurance Regulatory Authority )

On 7th dec 1999 government passed IRDA act.

PERFORMANCE OF INDIAN INSURANCE INDUSTRY

BRANCHES EMPLOYEES AGENTSF.Y.2000 F.Y.2010 F.Y.2000 F.Y.2010 F.Y.2000 F.Y.2010

2048 11720 1.23 LACS 2.85 LACS 7.14 LACS

29.06 LACS

Actuary should be a member of Actuarial society of India.

Actuary should submit their detailed reports to IRDA.

An insurance company should deposit a minimum sum of Rs.100 crores at the time of incorporation (now doubled to rs.200 crores)

Financial consultants or agents should undergo a minimum training for 50 hours.

Sr. No. Name of the Company1 Bajaj Allianz Life Insurance Company Limited2 Birla Sun Life Insurance Co. Ltd3 HDFC Standard Life Insurance Co. Ltd4 ICICI Prudential Life Insurance Co. Ltd.5 ING Vysya Life Insurance Company Ltd.6 Life Insurance Corporation of India7 Max New York Life Insurance Co. Ltd8 Met Life India Insurance Company Ltd.

9 Kotak Mahindra Old Mutual Life Insurance Limited

10 SBI Life Insurance Co. Ltd11 Tata AIG Life Insurance Company Limited12 Reliance Life Insurance Company Limited.13 Aviva Life Insurance Co. India Ltd.14 Sahara India Life Insurance Co, Ltd.15 Shriram Life Insurance Co, Ltd.16 Bharti AXA Life Insurance Company Ltd.17 Future Generali Life Insurance Company Ltd.18 IDBI Fortis Life Insurance Company Ltd.

19 Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd

20 AEGON Religare Life Insurance Company Limited.

21 DLF Pramerica Life Insurance Co. Ltd.22 Star Union Dai-ichi Life Insurance Comp. Ltd.

DIVYA

JACQULINE

MARION

AMITA

RONSON

AFREEN