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Changing face of Indian insurance industry

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Changing face of Indian insurance industry
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Sunanda K. Chavan
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Changing face of Indian insurance industry - October 11th, 2010

After the Insurance Regulatory and Development Authority Act have been passed there has been establishment of many private insurance companies in India.


Previously there was a monopoly business for Life Insurance Corporation of India (L.I.C.) who was the only life-insurance company for the people till 2000.


But after the introduction of private life insurance companies there is a great competition in Indian market now.

Everyone is trying to capture the fresh market here and penetrate it with aggressive marketing strategies.


Today life-insurance is not only limited up to just life risk cover and maturity period bonuses but changed to greater return from the investments.


With the introduction of the unit linked insurance policies these companies are investing the money in different investment instruments like shares, bonds, debentures, government and other securities.



These life-insurance companies have every kind of policies suiting every need right from financial needs of, marriage, giving birth and rearing up a child, his education, meeting daily financial needs of life, pension solutions after retirement.


These companies have every aspects and needs of our life covered along with the death-benefit.



To tap the Indian market there has been tie-ups between the major Indian companies with other International insurance companies to start up their business.

The government of India has set up rules that no foreign insurance company can set up their business individually here and they have to tie up with an Indian company and this foreign insurance company can have an investment of only 24% of the total start-up investment.
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Jitendra Mazee
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Re: Changing face of Indian insurance industry - January 17th, 2018

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Originally Posted by sunandaC View Post
After the Insurance Regulatory and Development Authority Act have been passed there has been establishment of many private insurance companies in India.


Previously there was a monopoly business for Life Insurance Corporation of India (L.I.C.) who was the only life-insurance company for the people till 2000.


But after the introduction of private life insurance companies there is a great competition in Indian market now.

Everyone is trying to capture the fresh market here and penetrate it with aggressive marketing strategies.


Today life-insurance is not only limited up to just life risk cover and maturity period bonuses but changed to greater return from the investments.


With the introduction of the unit linked insurance policies these companies are investing the money in different investment instruments like shares, bonds, debentures, government and other securities.



These life-insurance companies have every kind of policies suiting every need right from financial needs of, marriage, giving birth and rearing up a child, his education, meeting daily financial needs of life, pension solutions after retirement.


These companies have every aspects and needs of our life covered along with the death-benefit.



To tap the Indian market there has been tie-ups between the major Indian companies with other International insurance companies to start up their business.

The government of India has set up rules that no foreign insurance company can set up their business individually here and they have to tie up with an Indian company and this foreign insurance company can have an investment of only 24% of the total start-up investment.
Well, many many thanks for your help and providing the information on Changing face of Indian insurance industry. BTW, i am also going to upload a document where you can find some useful information and can also included in your report..
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