About Insurance
Risks and uncertainties are part of life's great adventure -- accident, illness, theft, natural disaster - they're all built into the working of the Universe, waiting to happen.
For that, insurance is a unique investment avenue that delivers sound returns in addition to protection. Insurance also provides a safeguard in the case of accidents or a drop in income after retirement.
An accident or disability can be devastating, and an insurance policy can lend timely support to the family in such times.
The following are the contribution made by insurance industry to Indian economy:
Life Insurance is the only sector which garners long term savings.
Spread of financial services in rural areas and amongst socially less privileged.
Provide Long term funds for infrastructure.
Strong positive correlation between development of capital markets and insurance/ pension sector.
Employment generation i.e. Life insurance industry provides increased employment opportunities. Employees in insurance sector as on 31st March, 2005 is around 2 lakhs. Many agents depend on insurance for their livelihood
Industry also contributes in economic development through investments in capital market. Present level of investments is over Rs. 40,000 crore. (Mark to Market basis around 80,000 crores.The primary motive of any business undertaking is to earn profit. Insurance industry able to satisfy the object of investor and stakeholder via providing excellent opportunities.
Because, Life Insurance industry is under the phase of infancy after 50 years of monopoly and also face healthy competition from within and other sectors of financial market. Insurance industry needs environmental support till it reaches a comfort zone.
Risks and uncertainties are part of life's great adventure -- accident, illness, theft, natural disaster - they're all built into the working of the Universe, waiting to happen.
For that, insurance is a unique investment avenue that delivers sound returns in addition to protection. Insurance also provides a safeguard in the case of accidents or a drop in income after retirement.
An accident or disability can be devastating, and an insurance policy can lend timely support to the family in such times.
The following are the contribution made by insurance industry to Indian economy:
Life Insurance is the only sector which garners long term savings.
Spread of financial services in rural areas and amongst socially less privileged.
Provide Long term funds for infrastructure.
Strong positive correlation between development of capital markets and insurance/ pension sector.
Employment generation i.e. Life insurance industry provides increased employment opportunities. Employees in insurance sector as on 31st March, 2005 is around 2 lakhs. Many agents depend on insurance for their livelihood
Industry also contributes in economic development through investments in capital market. Present level of investments is over Rs. 40,000 crore. (Mark to Market basis around 80,000 crores.The primary motive of any business undertaking is to earn profit. Insurance industry able to satisfy the object of investor and stakeholder via providing excellent opportunities.
Because, Life Insurance industry is under the phase of infancy after 50 years of monopoly and also face healthy competition from within and other sectors of financial market. Insurance industry needs environmental support till it reaches a comfort zone.