Secondary functions of insurance a Preventing losses — a. Any risk contingent upon these, may be insured against at a premium commensurate with the risk involved. It was found that in post-liberalized-era, government service men of age group population are more aware of buying insurance policy for several purposes.
Challenge and Opportunities pp. Under the plan of insurance, a large number of people associate themselves by sharing risks attached to individuals.
Now, people are approaching insurance agents for their financial advises rather than business. It has over offices, overadvisors; and 22 bancassurance partners all over the nation.
It ranks third on the Indian stock exchange, in terms of free float market capitalization. After the involvement of various distribution channel in this field insurance agent is dominated factor for convent source for distributing insurance product.
Meddle income group population, who belongs to Rs. Professionally qualified agents of insurance can earn more than a doctor, engineer, CA and other professional expects.
It is a medium through which few losses are divided among larger number of people. A very few customer wants to take insurance policy from financial institutions and brokers.
Life insurance has today become a mainstay of any market economy since it offers plenty of scope for garnering large sums of money for long periods of time.
Telecommunication has helped people to develop themselves through insurance. Figure 2 depicts maximum customer prefer insurance agent as a most convenient sources for getting insurance policy products and bank get second preference regarding same.
Although there are a lot of modes of communications which are available for getting information, but the study found that the in Insurance industry, insurance agents are more appropriate medium for information transfer and any guidance or change in insurance products.
Convenient Source for getting Insurance Plans Source: The potential risks like travel accidents, death, fire mishaps, unemploymenttheft, property destruction by natural calamities, etc can be circumvented by using the effective tool of insurance.
The company which is expert in diversification of its products and CRM can develop leap and found. Product distribution channel in Insurance Industry are deepening and they are reaching up to every segment of the customers and Bancassurance also playing important role in this regard.In the public sector, the General Insurance Corporation (GIC) and its four subsidiary companies (National Insurance Corporation, New India Assurance Company, Oriental Insurance Company and United Insurance Company) and the Life Insurance Corporation (LIC) of India provide voluntary insurance schemes.
Insurance System in India - An Overview History of Insurance Sector - The oldest existing insurance company in India is the National Insurance Company, which was founded inand is still in business.
The Insurance Sector In India Business Essay. Assistant Professor, Department of Business Administration (Autonomous), Annamacharya Institute of.
INSURANCE SECTOR IN INDIA.
The Insurance sector in India governed by Insurance Act,the Life Insurance Corporation Act, and General Insurance Business (Nationalisation) Act,Insurance Regulatory and Development Authority (IRDA) Act, and other related Acts.
Insurance Sector In India. The insurance sector in India has come to a position of very high potential and competitiveness in the market. Indians, have always seen life.
• Functions of insurance: In a layman’s words, insurance means, ‘a guard against pecuniary loss arising on the happening of an unforeseen event’. In developing economies, the insurance sector still holds a lot of potential which can be tapped.Download