Friday, 3 May 2013

Insurance Knowledge for LIC Exams


WHAT IS LIFE INSURANCE
Life insurance is a contract that pledges payment of an amount to the person assured (or his nominee) on the happening of the event insured against. The contract is valid for payment of the insured amount during the date of maturity or specified date at periodical intervals or unfortunate death, if it occurs earlier.
HISTORY OF LIFE INSURANCE
Life Insurance in its modern form came to India from England in the year 1818. Oriental Life Insurance Company, started by Europeans in Calcutta, was the first life insurance company on Indian Soil.
Later, the foreign life insurance companies started insuring Indian lives.
Bombay Mutual Life Assurance Society heralded the birth of first Indian life insurance company in the year 1870.
Bharat Insurance Company (1896) was also one of such companies inspired by nationalism.
The United India in Madras, National Indian and National Insurance in Calcutta and the Co-operative Assurance at Lahore were established in 1906.
In the year 1912, the Life Insurance Companies Act, and the Provident Fund Act were passed.
Insurance Act 1938 was the first legislation governing not only life insurance but also non-life insurance to provide strict state control over insurance business.
To amend the Life Insurance Act 1938, in 1944 a bill was introduced in the Legislative Assembly.
On 19th January 1956, life insurance in India was nationalized.
About 154 Indian insurance companies, 16 Non-Indian companies and
75 Provident were operating in India at the time of nationalization.
The Parliament of India passed the Life Insurance Corporation Act on 19th June 1956 and the Life Insurance Corporation of India was created on 1st September 1956, with the objective of spreading life insurance much more widely and in particular to the rural areas to reach all insurable persons in the country, providing them adequate financial cover at a reasonable cost.
LIC had 5 zonal offices, 33 divisional offices and 212 branch offices, apart from its corporate office in the year 1956.
Re-organization of LIC took place and large numbers of new branch offices were opened.
Today LIC functions with 2048 fully computerized branch offices,
109 divisional offices, 8 zonal offices, 992 satallite offices and the Corporate office.
LIC’s Wide Area Network covers 109 divisional offices and connects all the branches through a Metro Area Network.
LIC has tied up with some Banks and Service Providers to offer on-line premium collection facility in selected cities.
LIC to take this message of protection to light the lamps of security in as many homes as possible and to help the people in providing security to their families.

SOME IMPORTANT MILESTONES IN LIFE INSURANCE BUSINESS IN NDIA
1818 : Oriental Life Insurance Company, the first life insurance company on Indian soil started functioning.
1870 : Bombay Mutual Life Assurance Society, the first Indian life insurance company started its business.
1912 : The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business.
1928 : The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses.
1938 : Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public.
1956 : 245 Indian and foreign insurers and provident societies are taken over by the central government and nationalised. LIC formed by an Act of Parliament, viz. LIC Act, 1956, with a capital contribution of Rs. 5 crore from the Government of India.
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.

SOME IMPORTANT MILESTONES IN GENERAL INSURANCE BUSINESS IN INDIA
1907 : The Indian Mercantile Insurance Ltd. set up, the first company to transact all classes of general insurance business.
1957 : General Insurance Council, a wing of the Insurance Association of India, frames a code of conduct for ensuring fair conduct and sound business practices.
1968 : The Insurance Act amended to regulate investments and set minimum solvency margins and the Tariff Advisory Committee set up.
1972 : The General Insurance Business (Nationalisation) Act, 1972 nationalised the general insurance business in India with effect from 1st January 1973.
107    insurers amalgamated and grouped into four companies viz. the National
Insurance Company Ltd., the New India Assurance Company Ltd., the
Oriental Insurance Company Ltd. and the United India Insurance Company
Ltd. GIC incorporated as a company.
SOME SHORT FORMS
SC (Statutory Company)
PC (Public Company)
PC (Private  Company)
LIC (Life Insurance Corporation of  India)
DO (Development Officer)
ADO (Assistant Development Officer)
MF (Mutual Fund)
IRDA (Insurance Regulatory and Development Authority)
GHIP (Group Health Insurance Policy)
IHIP (Individual Health Insurance Policy)
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Bima Account Plan 1 and 2, Endowment Plus,
CHILDREN PLANS
PLANS FOR HANDICAPPED DEPENDENTS
ENDOWMENT ASSURANCE PLANS
PLANS FOR HIGH WORTH INDIVIDUALS
MONEY BACK PLANS
WHOLE LIFE PLANS
TERM ASSURANCE PLANS
Anmol Jeevan, Amulya Jeevan
JOINT LIFE PLAN
UNIT PLANS OF LIC
HEALTH PLANS OF LIC
GROUP SCHEMES OF LIC
MONO OF LIC
MEANING OF MONO OF LIC
A palm covering the lamp.
It means providing support and light in adverse conditions.
PUNCHLINE OF LIC
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MEMBERS OF THE BOARD OF DIRECTORS OF LIC
Shri D.K. Mehrotra, (CHAIRMAN, LIC)
Shri Thomas Mathew T. (Managing Director, LIC)
Shri Sushobhan Sarker (Managing Director, LIC)
Shri Arvind Mayaram (Secretary, Department of Economic Affairs, Ministry of Fin., GOI)
Shri Rajiv Takru (Secretary, Department of Financial Services, Ministry of Finance, GOI)
Shri A.K. Roy (Chairman cum Managing Director, GIC)
Shri M.V. Tanksale (Chairman & Managing Director, Central Bank of India )
Shri Anup Prakash Garg, Shri Sanjay Jain, Shri Ashok Singh, Shri K.S. Sampath,
Shri Amardeep Singh Cheema, Smt. Manjari Kackar
FOREIGN UNITS OF LIC
United Kingdom (England), Shrilanka, Fiji, Mauritius, Bahrain, Nepal, Kenindia Assurance, Soudi Indian Company for Co-operative Insurance (SICCI)
AWARDS RECEIVED BY LIC IN 2011-12
Readers Digest , Superbrands, Asian Leadership Awards, ET Brand Equity's Most Trusted, CNBC AWAAZ, Dainik Bhaskar Group, Bombay Chamber of Commerce, ABCI, Star News - Customer Centric Brand Award
INSURANCE COMPANIES

PUBLIC SECTOR (Government of India fully owned 4 companies)

PRIVATE SECTOR

Bajaj Allianz General Insurance, Bharti AXA General Insurance, Cholamandalam
MS, Future Generali India Insurance, HDFC ERGO General Insurance, ICICI Lombard, IFFCO Tokio, Liberty Videocon General Insurance Co Ltd, L & T General Insurance, Magma HDI General Insurance Co Ltd, Max Life Insurance Co Ltd, Raheja QBE General Insurance, Reliance General Insurance, Royal Sundaram, SBI General Insurance, Shriram General Insurance, Tata AIG (American International Group) General, Universal Sompo General Insurance

STAND ALONE HEALTH INSURANCE COMPANIES

PRIVATE SECTOR

Apollo Munich Health Insurance
Max Bupa Health Insurance
Religare Health Insurance Company Ltd
Star Health and Allied Insurance company Ltd

EXPORT CREDIT GUARANTEE INSURANCE COMPANIES

PUBLIC SECTOR

AGRICULTURE INSURANCE COMPANIES

Agriculture insurance co.of India Ltd.

LIFE INSURANCE COMPANIES

PUBLIC SECTOR (Government of India fully owned 1 company)

Life Insurance Corporation of India

PRIVATE SECTOR

AEGON Religare Life Insurance, Aviva Life, Shriram Life Insurance, Bajaj Allianz Life Insurance, Bharti AXA Life Insurance Co Ltd, Birla Sunlife, Canara HSBC Oriental Bank of Commerce Life Insurance, Star Union Dai-ichi Life Insurance, DLF(Delhi Land & Finance) Pramerica Life Insurance, Edelweiss Tokio Life Insurance Co. Ltd, Future Generali Life Insurance Co Ltd, HDFC Standard Life Insurance Company Limited, ICICI Prudential, IDBI Fortis Life Insurance, India First Life Insurance Company, ING (International Netherlands Group) Vysya Life Insurance, Kotak Life Insurance, Max Life Insurance, PNB Met Life India Life Insurance, Reliance Life Insurance Company Limited, Sahara Life Insurance, SBI Life Insurance Company Limited,TATA AIG(American International Group) Life Insurance

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