The Indian Insurance Companies secure lives as every life is precious. Insurance Companies in India have increased quite a bit in the last few years. They are governed by the Insurance Act, 1938, the Life Insurance Corporation Act, 1956 and General Insurance Business (Nationalization) Act, 1972, Insurance Regulatory and Development Authority (IRDA) Act, 1999 and other related Acts. These Acts have helped the Indian Insurance Companies to develop a trust amongst the public.
Life Insurance Corporation of India (LIC) was formed in September, 1956, by an Act of Parliament, viz., Life Insurance Corporation Act, 1956, with capital contribution from the Government of India. The then operating Finance Minister, Shri C.D. Deshmukh, while piloting the bill, defined the objectives of LIC to:
- Conduct business with utmost economy, in a spirit of trusteeship to charge premium no higher than warranted.
- Invest the funds in a way so as to maximize returns for the policy holders consistent with safety of the capital.
- Render prompt and efficient service to policy holders, thereby making insurance widely popular.
Few of the major Indian Insurance Companies are the Life Insurance Corporation of India , ICICI Prudential Life Insurance Company , Aviva Life Insurance Company India , Max New York Life India , MetLife India Insurance Company , Ing Vysya Life Insurance Company Pvt. Ltd. , SBI Life Insurance Company Ltd. including a few others.
General insurance business in the country was nationalized with effect from 1st January, 1973, by the General Insurance Business (Nationalization) Act, 1972. Some of the general (non-life) Indian Insurance Companies are Bajaj Allianz General Insurance Company Ltd., ICICI Lombard General Insurance Company Ltd., IFFCO Tokyo General Insurance Company Ltd., National Insurance Company Ltd., New India Assurance Company Ltd., Oriental Insurance Company Ltd., Reliance General Insurance Company Ltd., Royal Sundaram Alliance Insurance Company Ltd., TATA AIG Life Insurance Company Ltd., United India Insurance Company Ltd.
