GROWTH OF INSURANCE INDUSTRY – POST LIBERALIZATION INTRODUCTION : The journey of insurance liberalization process in India is now several years old. The first major milestone in this journey has been the passing of Insurance Regulatory and Development Authority Act, 1999. This along with amendments to the Insurance Act 1983, LIC and GIC Acts paves the way for the entry of private players and possibly the privatization of the hitherto public monopolies LIC and GIC. Opening up of insurance to private
Industrial Credit and Investment Corporation of India Limited, a company formed and registered under the Indian Companies Act, 1913 (7 of 1913); (ii) the Industrial Finance Corporation of India, established under section 3 of the Industrial Finance Corporation Act, 1948 (7 of 1948); (iii) the Industrial Development Bank of India, established under section 3 of the Industrial Development Bank of India Act, 1964 (18 of 1964); (iv) the Life Insurance Corporation of India, established under
Growth of Insurance Business in India History of Insurance Business In Ancient World Insurance has been an institution of human society for thousands of years, having been by Chinese and Babylonian traders as long ago as the second millennium BC. The Babylonian developed a system which was recorded in the famous Code of Hammurabi C. 1750 BC, and practiced by early Mediterranean sailing merchants. If a merchant receives a loan to fund his shipment, he would pay the lender an additional sum in exchange
June, 2010 in LIC OF INDIA, Balotra (Rajasthan) Name & Sign of Faculty Prof. Nupur Mishra Date: Acknowledgment I am hearty grateful to Mrs. Renu Luthra (director). She have always been an invaluable source of inspiration had work, sincerity and dedication. It gives me immense pleasure in
Quality of work life (QWL) is one of the major parts for the employees’ motivation in organization. The management in every organization should sincerely invite their employees to suggest ways to improve their operations and the Quality of their work life. Historically, work has been an important part in the life of human beings. The management in every organization should sincerely invite their employees to suggest ways to improve their operations and the Quality of their work life. The concept of
is a nationalised bank with its headquarters in Kolkata, India. It is the oldest joint stock bank in India. On 24 April 2014, the bank entered into its 150th year of Establishment. It was founded in Allahabad in 1865. As of 31 March 2012, Allahabad Bank had over 2,500 branches across India. The bank did a total business of INR 3.1 trillion during the FY 2012-13. The bank has a branch
Chapter 1 - The Indian Insurance Industry. It was the 10th Prime Minister of India, P. V. Narasimha Rao and his then Finance Minister Dr. Manmohan Singh, who set into motion, Phase 1 of the privatisation of the Indian Insurance Industry. The government was forced to act on the ‘globalization of India’ due to the country being economically weak and was suspected to be on the verge of bankruptcy. After the privatisation of the banking sector was looked into, the government setup a committee led by
division in India has finished a full circle from an open aggressive business to nationalization and afterward back to changed open business. LIC of India has been the observer of the whole change starting with one stage then onto the next. In 2000, when Insurance Regulatory and Development Authority (IRDA) was situated up in India, 23 more private disaster protection organizations entered till date into the Indian market other than one current open extra security administrator LIC of India. The table
Automatically, a bank will get the benefit of being involved in the researching. * Easy Marketing on the Foundation of a Brand Name: A bank 's existing branches can act as shops of selling for selling financial products like Insurance, Mutual Funds without spending much efforts on marketing, as the branch will act here as a parent company or source. In this way, a bank can reach the client even in the remotest area without having to take resource to an agent. * One-stop shopping:
Certificates: Under a close ended scheme, an investor is entitled to receive shares or unit certificates allotted to him within a period of 10 weeks from the date of disclosure of subscription. Under an open ended scheme this period is six weeks from the date of disclosure of initial offer. ii) Transfer: An investor is entitled to get the unit of shares certificates transferred with a period of 30 days from the date of lodgment of the offer. 216 iii) Refund: If the total collection of funds by