role of LIC in indian isnurance industry

Insurance Companies
Insurance is that covers the insured for a specified period such as one, five, or 10 years, often with an option to renew. Premiums are paid throughout this time, but generally become higher during the course of the term, as the policyholder grows older.
A life insurance policy purchased for a term of years. If the person dies during this term, the beneficiary receives the face amount of the policy. The policy expires at the end of the stated number of years.
Insurance provides coverage for a specific period of time, usually from one to thirty years. Term policies provide a death benefit only if the insured dies during the term. Term insurance is life insurance coverage for a specified period of time. This can be at a guaranteed rate or in some cases a guaranteed rate for a period of time and then a projected rate. Term periods can be for 1 year, 5 years, 10 years, 15, 20 and even 30 years. For example: 30 year level term would guarantee a level premium for 30 years based on a specified death benefit. Term life insurance is usually the least expensive form of life coverage.
Insurance industry, earlier comprised of only two state insurers. Life Insurers ie Life Insurance Corporation of India (LIC) and General Insurers ie General Insurance Corporation of India (GIC) GIC had four subsidiary companies. With effect from Dec'2000, these subsidiaries have been de-linked from parent company and made as an independent insurance companies. Oriental Insurance Company Limited, New India Assurance Company Limited, National Insurance Company Limited and United India Insurance Company Limited.

The licenses for insurance companies were issued by the Insurance Regulatory and Development Authority (IRDA) in 2001. At present following are the players in the Indian Market:



LIFE INSURERS:

1. ALLIANZ BAJAJ LIFE INSURANCE CO. LTD.

2. AMP SANMAR ASSURANCE CO. LTD.

3. BIRLA SUN LIFE INSURANCE CO. LTD.

4. DABUR CGU LIFE INSURANCE COMPANY PVT. LTD.

5. HDFC STANDARD LIFE INSURANCE CO. LTD.

6. ICICI PRUDENTIAL LIFE INSURANCE CO. LTD.

7. ING VYSYA LIFE INSURANCE CO. PVT. LTD.

8. LIFE INSURANCE CORPORATION OF INDIA.

9. MAX NEW YORK LIFE INSURANCE CO. LTD.

10. METLIFE INDIA INSURANCE CO. PVT. LTD.

11. OM KOTAK MAHINDRA LIFE INSURANCE CO. LTD.

12. SBI LIFE INSURANCE CO. LTD.

13. TATA AIG LIFE INSURANCE CO. LTD.

NON-LIFE INSURERS:

1. BAJAJ ALLIANZ GENERAL INSURANCE CO. LTD.

2. ICICI LOMBARD GENERAL INSURANCE CO. LTD.

3. IFFCO TOKYO GENERAL INSURANCE CO. LTD.

4. NATIONAL INSURANCE CO. LTD.

5. NEW INDIA ASSURANCE CO. LTD.

6. ORIENTAL INSURANCE CO. LTD.

7. RELIANCE GENERAL INSURANCE CO. LTD.

8. ROYAL SUNDARAM ALLIANCE INSURANCE CO. LTD.

9. TATA AIG LIFE INSURANCE CO. LTD.

10. UNITED INDIA INSURANCE CO. LTD

REINSURERS:

GENERAL INSURANCE CORPORATION OF INDIA.
 
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