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Sri Krishna Arts and Science College
Department of Commerce
Faculty:Mrs. S. Akhila
INSURANCE FOR BPS
UNIT-I
INSURANCE
Agenda
 Learning Objectives
 Expected Outcome
 Key terms
 Summary
 Test your knowledge (MCQ)
 Introduction to next session
Learning Objectives
Historyof Insurance – Types of Insurance Companies
Expected Outcome
The outcome of this session is to understand the History of
Insurance – its types-the types of Insurance Companies
History of Insurance
History of Insurance
The history of insurance
describes the development of the
modern business of insurance
against risks, especially regarding
cargo, property, death, automobile
accidents, and medical treatment.
History of Insurance
1818 : First life insurance company, The Oriental Life Insurance
company, set up in Kolkata.
1870 : First Indian life insurance company, was formed ‘Bombay
Mutual Assurance Society Ltd’.
1912 : The First statutory measure was introduced through ‘The
Indian Life Assurance Companies Act 1912.
1956 : Life Insurance Corporation Act was passed & Life Insurance
Corporation of India was created by nationalizing 245 insurers.
1957 :General insurance council was formed.
1993 :R.N.Malhotra Committee was set up to study and recommend
reformations for the insurance industry.
History of Insurance
1994 :R.N.Malhotra Committee recommended private and foreign
investments in the insurance industry.
1999 :Insurance Regulatory and Development Authority (IRDA) was
set up as statutory body.
1972
:The General Insurance Business (Nationalization) Act 1972
(GIBNA) was passed. The General Insurance Corporation of
India (GIC) was formed.
History of Insurance
https://www.youtube.com/watch?v=8AGiWyJXvm0
https://youtu.be/hapKVJuQh-U
What is Insurance??
Types of Insurance Companies
Insurance
Life
Insurance
Non Life
Insurance
Re-Insurance
Public Sector Life Insurance Company
Life Insurance Corporation of India
Other Life Insurance Companies
Aegon Life Insurance Company
Aviva India
Bajaj Allianz Life Insurance
Birla Sun Life Insurance
Exide Life Insurance
HDFC Standard Life Insurance
ICICI Prudential Life Insurance
Sahara India Pariwar
Life insurance Companies
IDBI Federal Life Insurance
India First Life Insurance Company
Kotak Life Insurance
Max Life Insurance
Peerless Group
PNB MetLife India Insurance Company
Reliance Life Insurance
SBI Life Insurance Company
Public Sector Non-Life Insurance Companies
Agriculture Insurance Company of India
Export Credit Guarantee Corporation of India
National Insurance Company
New India Assurance
The Oriental Insurance Company
United India Insurance Company
Non-Life insurance Companies
Other Non-Life Insurance Companies
Apollo Munich Health Insurance
 Bajaj Allianz General Insurance
Bharti AXA General Insurance
Cholamandalam MS General Insurance
 Cigna TTK
 Future Generali India Insurance
 HDFC ERGO General Insurance
Company
ICICI Lombard
Non-Life insurance Companies
Kotak Mahindra General Insurance
Liberty General Insurance
Reliance General Insurance
Religare Health Insurance Company Limited
Royal Sundaram General Insurance
Star Health and Allied Insurance
Tata AIG General
Universal Sompo General Insurance Company
General Insurance
Corporation of
India
Re-insurance Companies
Key Terms
Risk
Insurance
History of
Insurance
General Insurance
Insurable Risk
IRDA
LifeInsurance
Non-Life
Insurance
Re-Insurance
Summary
First life insurance company, The Oriental Life Insurance
company, set up in Kolkata.
 Insurance Regulatory and Development Authority (IRDA)
was set up as statutory body in 1999
Types of Insurance: Life, Non-Life & Re-insurance.
MCQ ???????
1.When did insurance begin in Babylon?
a) 1750 BC
b) 1907 BC
c) 1971 BC
d) 2000 BC
(a) 1750BC
2. Which one of the following does not belong
to the main products of life insurance?
a) Endowment
b) Personal accident insurance
c) Term
d) Whole life
(b) Personal Accident
Insurance
3.Which one of the following does not belong to
the major general insurance private sector
companies in India?
a) Bajaj Allianz General Insurance
b) Reliance General Insurance
c) Royal Sundaram Alliance Insurance
d) The Oriental Insurance Company
(d) The Oriental Insurance
Company
4. When was the Oriental Life Insurance
Company established?
a) 1818
b) 1834
c) 1907
d) 1938
(a) 1818
5.When was Life Insurance sector nationalised?
a) 1834
b) 1907
c) 1938
d) 1956 (d) 1956
6. 'Reinsurance' refers to the practice by
insurance companies of:
a) Insuring the same risk twice
b) Renewing existing policies
c) Buying insurance from another firm
d) Issuing new policies
(c) Buying insurance
from another firm
7.Largest Life Insurance Company in India is:
a) The New India Assurance Company Limited
b) Life Insurance Corporation of India (LIC)
c) United India Insurance Company Limited
d) National Insurance Company Limited
(b) Life Insurance
Corporation of
India (LIC)
Next Hour-
Types of Insurance
Life Insurance Plans
Endowment
Insurance
Term Insurance
Plan
Whole Life
Insurance
Plan
Pension and
Savings Plan
Unit Linked
Insurance Plan
Types of Insurance
SKASC-Department of Commerce BPS & CM