Insurance
You might be surprised to know that till a time only the British were insured in India. Indians were not able to get themselves insured even if they wanted to. Let us tell you that insurance first came to India from England in 1818. At that time Oriental Life Insurance Company was established by Europeans in Calcutta (now Kolkata). This company used to insure only Europeans i.e. British people. Indians were not insured under it.
Insurance started with the efforts of Babu Muttilal Seal
Later, due to the efforts of eminent people like Babu Muttilal Seal, Indians started getting insured in foreign insurance companies, but the premium charged was higher than that charged for Europeans. Later, in 1870, keeping this problem in mind, Bombay Mutual Life Assurance Society established an Indian insurance company, in which Indians were given insurance at normal rates. Gradually, the wave of nationalism grew and by 1886, many Indian insurance companies were established in the country.
LIC was established for this purpose
LIC was established to provide cheap insurance to the common citizens of the country. The purpose of establishing LIC was to provide insurance facility to every citizen of the country, especially in rural areas, at the right price. LIC was established 68 years ago on September 1, 1956. In 1956, apart from the corporate office of LIC, there were 5 zonal offices, 33 divisional offices and 212 branch offices. According to the official website of LIC, today the country’s largest insurance company has 2048 branch offices, 113 divisional offices, 8 zonal offices and 1381 satellite offices and corporate offices. Its market share is more than 60 percent. The total assets under management (AUM) of LIC is more than Rs 50 lakh crore.
Input: IANS
Latest Business News
