subject: Insurance in India- Health & Life Insurance [print this page] Insurance in India- Health & Life Insurance
The premiums are deposited in a single pool of the company and claims are paid from here. In general, the contribution to this pool is much more than the claims maid. Premium of insurance policy is evaluated on the basis of claims a policy holder make for their future. Premium is fixed on the basis of the probability of drawing funds by the policy holder. It is very essential to have a clear claims history for maintaining claims statistics. In India, the first ever insurance company is the Oriental Life Insurance Company started in 1818 in Kolkata by the Europeans to look after the requirements of its community in Kolkata. During those days, higher premiums were alleged if lives were insured for Indians compared to that of foreigners. In 1870, Bombay Mutual Life Assurance Society came up as an insurance company for Indians was premiums were charged at normal rates. Since then Insurance companies started to grow up. In 1906, National Insurance Company Ltd was founded and today it is subdivided into two major insurance companies namely LIC or Life Insurance Corporation of India and GIC or General Insurance Corporation of India. In 1912 with the introduction of the Life Insurance Companies Act as well as the Provident Fund Act the rate tables of premium with the company's periodical valuations was certified by an actuary. Life insurance in India is growing sector having a massive potential. Since its inception, this sector has undergone a number of phases and now said to be a booming market where almost all global company belonging to this sector craving to owe their lion's share. Interestingly, the prevalent life insurance company in India is possessed by the Indian government. Health insurance In India is yet an upcoming concept that increases a policy holder's chance of accessing quality healthcare from private healthcare providers and other forms of costly treatments. With active participation of the government, health insurance companies are coming up with a number of insurance policies each having affordable premium rates that is boosting the health insurance market in the country. in the end i suggest you that insure your life with a good insurance company to secure your future.
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