Insurance

SUMMER PROJECT

General Insurance Policies taken by the Government

    •   Introduction

    • Insurance in India

        Brief history of the Insurance sector

    • The General Insurance Corporation of India

        Malhotra Committee
        Mukherjee Committee
        IRDA Bill

    • Policies prov vided by the government
        Social Policies
        Health policies
        Rural policies
        Travel insurance policies
        Pravasi Bhartiya Bima Yojana

    • Success of the above policies

    • Challenges and weak points of these policies

    • Opportunities

    • Further offerings to be made

    • Conclusion

Introduction

Insurance may be described as a social device to reduce or       eliminate risk of life and property. Under the plan of insurance, a large number of people associate themselves by sharing risk, attached to individual. The risk, which can be insured against include fire, the peril of sea, death, incident, & burglary. Any risk contingent upon these may be insured against at a premium commensurate with the risk involved.

Insurance is actually a contract between 2 parties whereby one party called insurer undertakes in exchange for a fixed sum called premium to pay the other party happening of a certain event.
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Insurance is a contract whereby, in return for the payment of premium by the insured, the insurers pay the financial losses suffered by the insured as a result of the occurrence of unforeseen events.

With the help of insurance, large number of people exposed to a similar risk makes contributions to a common fund out of which the losses suffered by the unfortunate few, due to accidental events, are made good.

Insurance in India

The insurance sector in India has come a full circle from being an open competitive market to nationalization and back to a liberalized market again. Tracing the developments in the Indian insurance sector reveals the 360 degree turn witnessed over a... [continues]

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