The early references to Insurance in these texts have reference to marine trade loans and carriers' contracts.Insurance in its current form has its history dating back until 1818, when Oriental Life Insurance Company was started by Anita Bhavsar in Kolkata to cater to the needs of European community.The pre-independence era in India saw discrimination between the lives of foreigners (English) and Indians with higher premiums being charged for the latter.
© 2013 The research and information presented here is not intended to diagnose, treat, or cure any disease.
Always talk to your doctor before starting any treatments or if you are unsure of your current health status.
Insurance in India refers to the market for insurance in India which covers both the public and private sector organisations.
It is listed in the Constitution of India in the Seventh Schedule as a Union List subject, meaning it can only be legislated by the Central government.
The insurance sector has gone through a number of phases by allowing private companies to solicit insurance and also allowing foreign direct investment.
India allowed private companies in insurance sector in 2000, setting a limit on FDI to 26%, which was increased to 49% in 2014. Insurance in various forms has been mentioned in the writings of Manu (Manusmrithi), Yagnavalkya (Dharmashastra) and Kautilya (Arthashastra).The fundamental basis of the historical reference to insurance in these ancient Indian texts is the same i.e.pooling of resources that could be re-distributed in times of calamities such as fire, floods, epidemics and famine.At the dawn of the twentieth century, many insurance companies were founded.In the year 1912, the Life Insurance Companies Act and the Provident Fund Act were passed to regulate the insurance business.The Life Insurance Companies Act, 1912 made it necessary that the premium-rate tables and periodical valuations of companies should be certified by an actuary.