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"Explain the History Of LIC"

in about 200-300 words.....

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Answer 1

History

Brief History Of InsuranceThe story of insurance is probably as old as the story of mankind. The same instinct that prompts modern businessmen today to secure themselves against loss and disaster existed in primitive men also. They too sought to avert the evil consequences of fire and flood and loss of life and were willing to make some sort of sacrifice in order to achieve security. Though the concept of insurance is largely a development of the recent past, particularly after the industrial era – past few centuries – yet its beginnings date back almost 6000 years.
Life Insurance in its modern form came to India from England in the year 1818.
the general insurance business in India on the other hand can trace it roots to the insurance company the first general insurance company established in 1840 in Calcutta ..
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Answer 2

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The insurance term itself defines that it is stated towards mankind and welfare for humans and businessman to overcome their losses may be due to disaster, etc.

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1818:
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The concept of life insurance in India started during 1818, with the first life insurance Company named Oriental established during British Raj. The sole motive of this company was to be helpful for Europeans and not for
Indian means.

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1870 :
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But due to continuous Indian protest against British Rule, India got its own life insurance company in 1870. "Bombay Mutual Life Assurance Society" was the first India insurance Company that started its business

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1905 ~ 1907 :
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The Swadeshi Movement in India resulted in rise of more insurance company in India. Few of them are "The United India in Madras" , "National Indian and National Insurance in Calcutta", "The Indian Mercantile ", and "Swadeshi life"

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1912:
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But since due to British Rule, the Indian insurance company aren't too legislative but with the,l "Life Insurance Company Act" and "The Provident Fund Act" to be passed, it became necessary that premium rate tables and periodic valuations of Companies should be certified by an actuary.

Yet, still it discriminated between foreign and Indian companies in various consideration.

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1938:
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Soon, the companies got on a look to enable the government to collect statistical information about both life - non life insurance business with the passing of "The Indian Insurance Company Act. "


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1956:
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After a huge Time lapse.,

On 19th January 1956, the life insurance companies were nationalized.

This nationalization was accomplished in two stages

a) Initially the management of the companies was taken over by means of an Oridance

b) Ownership by means of comprehensive bill.

The Parliament of India passed the" Life Insurance Corporation Act " on the 19th of June 1956 and the" Life Insurance Corporation (LIC) " of India was created on 1st September 1956 with the objective of spreading life insurance much more widely in particular to the rural areas with a motive of reaching all insurable peoples in India and providing them adequate financial cover at a reasonable cost.

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