Insurance is meant to be protected against cover or any threat of life. It is a financial consensus that binds two people for some obligations which are known as policy. The one who buys insurance / insurance coverage becomes the policy holder or insurance and the policy insurance company that sells. From time to time the insured person’s policy is known as the premium he / she is to the insurance company at regular intervals for a specified period is an obligation to pay a certain amount of money. In fact, the insurance for which the insurance company will pay compensation in some circumstances, in return, there is a contract to pay a premium, fire, theft, motor accident, etc.
Extraordinary growth has been seen in the Indian insurance industry with private participation. It is a mixture of both public and private players in the field of life and non-life business. In this area, not only provide a protective shield to life and property of the nation, but also generate thousands of jobs and career opportunities.
In order to open a career in this field, the first option is to start as an insurance agent. They are people who are advising individuals and enterprises about insurance protection for their health, life and property and selling policies to provide protection against financial loss. Depending on their academic ability and strength, agents have a good chance of becoming an employee of the company. This industry also offers great opportunities in marketing, distribution, actuarial, operation underwriting and departments investment.
There are about 30 insurance companies in India. The major government companies are doing life insurance corporation (LIC), General Insurance Corporation (GIC) and postal life insurance. Whereas LIC deals with life insurance, GIC and its subsidiary companies such as Car, Marine, Accident, Medical and Fire Insurance are concerned with the aspects of non-life insurance.
Many multinational companies have come forward in the insurance sector. ICICI Prudential, Om Kotak Mahindra, Birla Sun Life, Tata AIF Life, Reliance, HDFC Standard Life Insurance Company, Max New York Life, SBI Life Insurance, ING Vysya Life are top companies in the private sector. In the non-life insurance segment, major private companies ICICI Lombard, Royal Sundaram, Cholamandalam, IFFCO Tokio, Tata AIG etc. are all insurance companies to the Insurance Regulatory and Development Authority (IRDA), which established regulation to ensure regulatory and orderly Have come under the development of life in India and general insurance industry.
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