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The world we live in is full of uncertainties and risks. Individuals, families, businesses, properties and assets are exposed to different types and levels of risks at all times. These include risk of losses of life, health, assets, property, etc. While it is not always possible to prevent unwanted events from occurring, financial world has developed products that protect individuals and businesses against such losses by compensating them with financial resources.
Insurance in India has its history dating back to year 1818, when Oriental Life Insurance Company was started by Anita Bhavsar in Kolkata to cater to the needs of European community. At the dawn of the twentieth century, many insurance companies were founded. The oldest existing insurance company in India is the National Insurance Company, which was founded in 1906, and is still in business. The Government of India issued an Ordinance on 19 January 1956 nationalising the Life Insurance sector and Life Insurance Corporation came into existence in the same year. At present the insurance industry is governed by Insurance Regulatory and Development Authority (IRDA) Act, 1999.
The insurance industry of India today consists of 57 insurance companies of which 24 are in life insurance business and 33 are non-life insurers. Among the life insurers, Life Insurance Corporation (LIC) is the sole public sector company. Apart from that, among the non-life insurers there are six public sector insurers.
Life, health, home, vehicle, fire, errors & omission, Liability, Cybercrime, Fidelity, Burglary, Transit, etc. are few Common Insurance covers. Below are a few basic insurance covers one must take into consideration while accessing ones insurance risk.