origin, growth and development of insurance sector in india
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Origin, Growth and Development of Insurance Sector in IndiaTRANSCRIPT
Chapter 3
Origin, Growth & Development of Life
Insurance Industry in India
3.1 Introduction
3.2 Need of Life Insurance
3.3 How Life Insurance Works
3.4 Origin of Insurance
3.5 Origin and Development of Life Insurance in India
3.6 Growth of Life Insurance in India
3.7 Product Innovation by Private Life Insurance Companies
3.8 Service Orientation of New Life Insurance Companies
3.9 Some Developments in Insurance Sector:
3.10 Selected References
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3.1 Introduction:
Insurance can be defined as a social device to eliminate risk of loss of life and property.
The general definition of insurance given by social scientists as a device to protect against risks,
or a provision against inevitable contingencies or a cooperative way of spreading risks.
Definitions based on economic or business orientation define insurance as a social device
providing financial compensation for the effects of misfortune, payments being made from the
accumulated contributions of all parties in the scheme. The legal definition defines insurance as a
contract to indemnify the losses on happening of certain contingencies in future. It is a
contractual relationship to secure against risks.
According to the Insurance Act, 19381, life insurance refers to the contract of insurance on
human life, under which if any individual’s death, other than accident, or happening of any event
concerning to human life, a certain amount is guaranteed to be paid to assured or his/her legal
representative.
3.2 Need of Life Insurance:
Human life is uncertain. Life has many pleasant and unpleasant possibilities. To secure
against unpleasant possibilities has been of the utmost requirement of human being. But in the
past it was very difficult to provide against such eventualities that might happen. Risk to life and
property was also very high. Governments provides a degree of safety to its citizens, but state
provided security against only some hazards of life, but it does not indemnify people against any
loss or damage that they may suffer from these. Insurance provides compensation in the event of
loss or damage and a premium is charged as the price thereof. The aim of insurance is social
aimed to remove or reduce the hardships which might befall us through accidents and
vicissitudes of life.
1 Government of India (1949) “The Insurance Act. 1938, (Act 4 of 1938)”, Ministry of Law, Government of India, the
Manager, Government of India Publication, Simla.
13
3.3 How Life Insurance Works:
A life office must maintain sufficient stock of money from which to pay claims as they arise.
This stock is called the life fund. This fund is like a reservoir continuously fed by the regular
premiums paid in by the policy holders and by returns on the investment of the fund. It would
obviously be very bad management to leave money idle in the fund. The fund is invested to earn as
high a return-interest and dividends-as possible without taking undue risks with the capital.
Consequently life funds spread their investments very widely over the whole field of government
securities, sound commercial undertakings, shares, property, loans and so forth. Only by making as
sure as possible of future income from premiums and investments can a life fund income be sure of
paying all the claims upon it far away into the future.
Prudent management will gradually collect more money than it is going to be actually needed
to pay out all the claims upon it. From time to time the fund is valued and the size of the surplus is
calculated. This surplus is entirely, if gradually, distributed among policy holders in the case of a
mutual office. In the case of a proprietary office, 9/10 th of the surplus is distributed to the
shareholders. The actual proportions vary a little from one office to another.
3.4 Origin of Insurance: 2
Records of origin and early history of insurance are non-existent. It is believed that the
earliest form of insurance seems to be of marine and land insurance. Travellers by land and sea were
insured against the risk of property to which they were exposed due to the fear of pirates and robbers.
Many traders could not meet the engagements of the principals and according to their contracts
became slaves of the latter.
Attempts to relieve this intolerable situation, were made in Babylonia and India at a fairly
early stage of history. We find provisions in the codes of Manu and of Hammurabi whereby, a trader
who is robbed on a journey through no negligence or connivance on his part was directed to be set
free from debt in respect of both capital and interest and making a solemn declaration.3
The summary of the provisions of the codes of Manu and Hammurabi shows how the
contracts of Bottomry and Respondentia were approximated.4
2 Ray R.M (1941), “Life Insurance in India, its History, Law, Practice & Problems”, Allied Publishers, Bombay.
3 Ray R.M (1941), “Life Insurance in India, its History, Law, Practice & Problems”, Allied Publishers, Bombay.4
For the modern definition of contracts of Bottomry and Resondentia, refer Encyclopedia Britannica.
14
The codes of Hammurabi were as follows:
1. The contract applied to land traffic only.
2. The contract was for a true loan and not a partnership and in others for a loan with a limited
period.
3. The merchandise or money advanced was under the custody of and used by the trader and not
retained by the lender.
4. The rate of interest was very much high, usually 100% than charged on ordinary loans which
was at times limited to 20%, the period of time having no effect.
5. The trader was free from liability for the debt on the happening of a contingency provided for
in the contract.
The Manab Dharma Shashtra states the following:
1. The contract applied to sea-borne and land carried traffic.
2. The rate of interest in all the cases was arranged with regard to risks to be run and the length
of time for which the money was required.
3. The rate of interest or the value of risk was fixed by valuers skilled in sea voyages or
journeys by land who were able to proportion the rate to the time required and the risk to be
incurred.
4. The rate of interest was specified in the contract.
5. The borrower was excused payment not only if he was robbed of his goods but also if the
goods did not arrive in good order at the place or time agreed upon by the contracting parties.
It has been stated that the Sanskrit term ‘Yoga-Kshema’ meaning insurance is found in Rig Veda5
and that some kind of commercial insurance was practiced by the Aryan tribes of India nearly three
thousand years ago. The fact that the state is to concern itself with the welfare of its subjects proves that
they had ‘Yogaksheman’ is something like the idea of a welfare state to ensure the Yogaksheman of the
subjects is one of the foremost duties of the state.
5 Rigveda is an ancient Indian sacred collection of Vedic Sanskrit hymns. It is counted among the four canonical
sacred texts of Hinduism known as the Vedas. Some of its verses are still recited as Hindu prayers, at religious
functions and other occasions, putting these among the world's oldest religious texts in continued use.
http://en.wikipedia.org/wiki/Rigveda.
15
The early development of insurance was spasmodic and usually in fields other than life.
Man’s attention was directed against those risks which at the moment seemed to require attention. He
could see that the vessel in which he did his trade might never come back home. His house maybe
burnt down or broke into by robbers and bandits. These were contingencies that might happen any
day, but death and its consequences were matters somewhat remote and beyond his control and
extremely disagreeable to contemplate.
The early history of life insurance is enveloped in the mists of antiquity. Collective
cooperation among persons exposed to a particular risk, in order to share that risk has been a very old
system of human civilization. The Aryans had evolved a system of village and community life which
was proof against the ravages of time and gave sustenance to everyone.
Kautilya’s6 Arthashastra7 is one of the first books to look at the economic impacts of natural
calamities. He categorised the various calamities plaguing India around 300 B.C. as “fire, floods,
epidemics and famine”. He also recognised that some calamities cause greater damage than others like
fire destroys a village or part of a village whereas floods carry off hundreds of villages. Similarly,
epidemics devastate only a part (of the country) and can be remedied, whereas famine causes troubles to
the whole (of the country). Kautilya recommended that the king also store food and grains and distribute
them to people affected by calamities. This pooling of resources that could re-distribute during
calamities is probably a pre-curser to modern-day insurance. His work also mentions that the king
should maintain children, aged persons and persons in distress when they are helpless, as also the
woman who has borne no child and the sons of one who has when these are helpless.
3.5 Origin and Development of Life Insurance in India:8
In India, insurance has a deep-rooted history. It finds mention in the writings of Manu
(Manusmrithi), Yagnavalkya (Dharmasastra) and Kautilya (Arthasastra). The writings, talk in terms
6 Also called Chanakya or Vishnugupta, Hindu statesman and philosopher who wrote a classic treatise on polity,
Arthashastra (“The Science of Material Gain”), a compilation of almost everything that had been written in India
up to his time regarding artha (property, economics, or material success).
http://www.britannica.com/EBchecked/topic/313486/Kautilya
7 http://www.swaveda.com8 http://www.irda.gov.in/ADMINCMS/cms/NormalData_Layout.aspx?page=PageNo4&mid=2.
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of pooling of resources that could be re-distributed in times of calamities such as fire, floods,
epidemics and famine. This was probably a pre-cursor to modern day insurance. Ancient Indian
history has preserved the earliest traces of insurance in the form of marine trade loans and carriers’
contracts. Insurance in India has evolved over time heavily drawing from other countries, England in
particular.
In the beginning, the life insurance companies which were started were few and far between
and their scale of operations was also very limited. But with the turn taken by the 20 th century, the
growth of Indian insurance enterprise became more rapid and its early foundations were laid, though
it continued to be in an infant stage till the return of peace in 1918. The post war decade (1919-1928)
was a period of steady but limited growth, but during the years 1929-1938, India had a life insurance
boom, and no less than sixty-eight9 life insurance companies operating in 1955 in the country had
been established in this decade. The table number 1.4 below shows the important insurance
milestones in India in 20th Century.
Table No. 3.1
Milestones of Insurance Regulations in the 20th Century in India
Year Significant Regulatory Event
1912 The Indian Life Insurance Company Act.
1938 The Insurance Act: Comprehensive Act to regulate Insurance business.
1956 Nationalization of Life Insurance business.
1972 Nationalization of General Insurance business.
1993 Setting up of Malhotra Committee.
1994 Recommendations of Malhotra Committee.
1995 Setting up of Mukherjee Committee.
1996 Setting up of (interim) Insurance Regulatory Authority (IRA). Recommendations of the
IRA.
1997 The Government gives greater autonomy to Life Insurance Corporation, General
Insurance Corporation and its subsidiaries with regard to the restructuring of Boards and
9
Agarwala A. N. (1960), “Insurance in India: A Study of Insurance Aspect of Social Security in India”, Allahabad
Law Journal Press, Allahabad.
17
flexibility in investment norms aimed at channeling funds to the infrastructure sector.
1997 Mukherjee Committee Report submitted but not made public.
1998 The Cabinet decides to allow 40% foreign equity in Private Insurance Companies-
26% to Foreign Companies and 14% to Non-Resident Indians (NRI’s), Overseas
Corporate Bodies (OCB’s) and Foreign Institutional Investors (FII’s.)
1999 The Standing Committee headed by Murali Deora (Member of Parliament) decides
that foreign equity in Private Insurance should be limited to 26%. The IRA bill is
renamed, The Insurance Regulatory and Development Authority (IRDA) Bill.
1999 Cabinet clears IRDA Bill.
2000 President gives assent to the IRDA Bill.
Source: Bhole L. M. (2004), “Financial Institutions and Markets”, Tata McGraw-Hill Publishing House,
New Delhi.
Life insurance penetration in India is low as compared to some of the developed
countries. Life Insurance penetration premium10 forms just 4% of the India’s GDP. There are few
reasons for the slow development of modern system of insurance in India.
1. The joint family system applies the principle of insurance. It automatically provides for
invalids and widows.
2. Life insurance appeared to conflict with the Indian way of thinking and tradition.
3. Poverty and ignorance has also hindered the growth and expansion of insurance business in
India.
4. Insurance means accumulation of funds and their investment on long term. But until recently
opportunities for such investments were limited in India.
3.6 Growth of Life Insurance in India:11
During recent times, the Indian economy has been performing well and the momentum of growth
has picked up particularly since liberalisation was initiated in the 1990s. Though the overall growth rate
during the last decade has fluctuated, yet it remained well above many emerging economies of the world.
With further reforms initiated in the early 1990s, there has been a significant structural change in the
macro economy and in the process service sector has emerged as the leading sector and engine of growth.
India is one of the countries in the world which has achieved a high growth rate in domestic savings and a
10IRDA Annual Report 2008-2009.11 Narayanan H (2008) “Indian Insurance- A Profile”, Jaico Publishing House, Mumbai.
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higher propensity to save by household sector has been maintained over the period. The Domestic
Savings Rate in India12 as a percentage to Gross Domestic Product (GDP) at market prices was 23.31%
during the ninth five year plan (1997-2002) which increased to 26.84% during the tenth five year plan
period (2002-2007). The positive growth in the economy, expansion of the service sector and increase in
household savings all contributed significantly to the high growth of domestic savings. This is having a
positive effect on the life insurance sector in India.
Table 3.3
Key Market Indicators for the Indian Insurance Market
Minimum Paid up Equity Capital for a Life
Insurance and a General Insurance Company
Rs.100 Crores
Equity Restriction Foreign Promoter can hold up to 26
percent of the Equity
Registration Restriction Composite Registration not available
Geographical Restriction None for new companies. They can
operate all over the country.
Indian Insurance Market opening for Private
Companies
August 2000 with invitation for
application for registration.
Inflation adjusted Growth in Total Premium in India 13 % (2006-07)
Insurance Services along with Banking Services
Contribution to India’s Gross Domestic Product
(GDP)
7%
Source: IRDA Annual Reports 2008-2009, 2009-2010, 2010-2011, 2011-2012 http://www.irda.gov.in
3.7 Product Innovation by Private Life Insurance Companies:
Private life insurance companies have brought totally a new concept of insurance, i.e.,
insurance linked with investment. Apart from conventional insurance plans introduced by the
private insurance companies, a number of new plans such as Unit Linked Investment Plans
(ULIPs) and Pension Plans have become popular among Indian clients. Most of the new private
life insurance companies have launched market linked plans to attract Indian investors.
12 http://www.planningcommission.nic.in/plans/planrel/fiveyr/10th/volume1/10th_vol1.pdf
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The Unit Trust of India (UTI) launched the Unit Linked Insurance Plan (1971). This plan was
designed for any resident in India between ages 12 to 55 years planning to save between Rs. 6000 to
Rs. 75000. Persons over 55 years of age can go in for a 10 year plan. No medical examination was
necessary. A small part of the contribution is utilised for providing life cover and the balance is
invested in units. In case the person dies before the end of the plan period, the legal heirs will be
entitled to the units to his/her credit and the amount of the insurance cover. Unit linked policies are
offered by LIC as well as the other private life insurance companies in India. They have become
popular. Such plans are called by various names like universal, unbundled or flexible. They are
popular especially in times when the stock market is booming. Insurance companies offer a choice
of funds like secured, balanced and risk with different risk profiles depending on the different
patterns of investment in equities, debts and liquid assets. The policy holder is allocated units, which
are valued every day.
Many life insurance companies have also started Pension Plans which are in the form of
ULIPs. Such pension plans being a unit linked plan, the premiums which the insured pays are subject
to investment risks associated with the stock markets. The unit prices of such funds may increase or
decrease, reflecting changes in the stock markets.
In 2009-2010, various life insurance companies launched a set of ULIPs that guarantee returns
based on the highest net asset value (NAV) during the policy term. These schemes look attractive since
the uncertainty arising from the stock markets seems to be capped. In such policies the companies lock
the NAV at the highest point during the term of the policy. But this benefit comes at a cost. Insurance
companies charge more in order to provide the guaranteed returns. These schemes guarantee the
highest NAV but not the highest returns. Unlike regular ULIPs, these schemes do not provide wide
range of product categories, such as equity-oriented growth funds, balance funds and debt funds. These
schemes are structured in such a manner that the collected funds can be invested either in equities, in
debt instruments or in money-market instruments in proportions varying from zero to 100%. Insurance
companies that have launched such schemes need to review their assets periodically. The funds have to
be moved from one asset class to another. Thus, the returns for the scheme will depend on the
company’s fund allocation strategy. Schemes which have maximum exposure in equities in initial years
may provide better returns than the schemes having larger exposure to debt instruments at the
beginning depending upon the equity markets. Such schemes are beneficial for such investors who
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want to enjoy equity returns with added protection. But the benefits of highest guarantee NAV are
available only if the policy holder stays till the policy matures.
3.8 Service Orientation of New Life Insurance Companies:13
Life insurance companies send a premium reminder notice to the policy holder before the due
date. A payment reminder call is made when policies are due for payment. Policy holders can also
view their policy information through the company’s website by registering themselves. Policy
holders can send their queries by using email (electronic mail), which is available on the website of
the companies or even through a traditional postal mail. Companies also use SMS (short messaging
service) and E-mail alerts for the following details regarding policies: issuance of policy, alert for the
ECS (electronic clearing service) debit on policy holder’s account, confirmation of the receipt of
renewal premium payment, dispatch of policy documents, any outstanding requirements for policy
issuance, confirmation on policy servicing requests for address change, change of mode of payment,
change of nominee, loan status, surrender details, policy reinstatement, switch redirection. The net
asset value of unit linked insurance policies is also provided on the website of the company.
Policy holders can register their grievances related to products and services with the
Complaints Redressal Cell at the company’s office. The objective of this unit is to ensure effective
complaint handling. This complaint management and redressal cell is responsible for registering and
following up the complaints for resolution. Policy holders are also provided a toll free national
telephone number for registering their complaints or to seek any information. Complaints can also be
emailed or can also be written and submitted to the concerned branches of the company, or by writing
to the Complaints Officer. All complaints received from various sources are registered and unique
complaint identity is created which is intimated to the customer. Additional information if required, (for
resolving the complaint), is sought from the complainant. The complaints cell escalates the complaint
to the concerned and follow-up the same until the matter is resolved. Companies try to resolve the
complaints within two weeks. Companies duly intimate the complainant in case the resolution gets
delayed beyond the prescribed time on account of any unforeseen circumstances. If the complainant is
not satisfied with the response of the company, he/she can approach the insurance ombudsman whose
details are provided by the company itself. As far as claims are concerned a quick settlement process
depends on the satisfactory production of documents and necessary requirements by the claimant.
13 http://www.inglife.co.in/ & http://www.hdfcinsurance.com/
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3.9 Some Developments in Insurance Sector:
Postal Life Insurance :14
Postal Life Insurance was started in 1884 as a welfare measure for the employees of Posts
and Telegraphs Department by the Government of India. Due to the popularity of its schemes,
various departments of Central and State Governments were extended its benefits. Postal Life
Insurance is open for all employees of Central and State Governments, Nationalized Banks, Public
Sector Undertakings, Financial Institutions, Municipal Corporations, Zilla Parishads, Educational
Institutions aided by the Government. The various schemes are: Endowment Assurance, Whole Life
Assurance, Convertible Whole Life Assurance, Anticipated Endowment Assurance, Joint Life
Endowment Assurance, and Children’s Policy.
B. Rural Postal Life Insurance:
On 24th March, 1995, the benefits of Postal Life Insurance were extended to rural populace of
the country under the banner of Rural Postal Life Insurance. Rural Life Insurance Schemes are such
as Endowment Assurance (Gram Santosh), Whole Life Assurance (Gram Suraksha), Convertible
Whole Life Assurance (Gram Suvidha), Anticipated Assurance (Gram Sumangal ) , Anticipated
Endowment Scheme (Gram Priya) and Children’s Policy.
C. Bancassurance :15
The Bank Insurance Model (BIM), also sometimes known as Bancassurance, is the term used
to describe the partnership or relationship between a bank and an insurance company whereby the
insurance company uses the bank sales channel in order to sell insurance products. BIM allows the
insurance company to maintain smaller direct sales teams as their products are sold through the bank
to bank customers by bank staff.
Bank staff, rather than an insurance salesperson, become the point of sale/point of contact for
the customer. Bank staff are advised and supported by the insurance company through product
information, marketing campaigns and sales training. Both the bank and insurance company share the
commission. Insurance policies are processed and administered by the insurance company.
14 http://www.indiapost.gov.in/PLI.html15 http://rbidocs.rbi.org.in/rdocs/Publications/PDFs/80595.pdf
22
BIM differs from Classic or Traditional Insurance Model (TIM) in that TIM insurance
companies tend to have larger insurance sales teams and generally work with brokers and third party
agents.
An additional approach, the Hybrid Insurance Model (HIM), is a mix between BIM and TIM.
HIM insurance companies may have a sales force, may use brokers and agents and may have a
partnership with a bank.
Under this arrangement, banks are appointed as corporate agents, empanelled with one insurance
company to sell its products. Banks, with their existing customer base, can leverage on their existing
relationships, to convert customers into policyholders. The bank usually earns a high commission on the
first premium paid by each customer and a marginal trailing commission on renewal premiums till the
maturity of the policy, for regular premium plans. And a one-time commission is paid in case of the
single premium policies.
One disadvantage that may come up in this model is that banks, after allying with one
insurance company may discontinue it to set up their own venture. Changing insurance partners due
to attractive benefits offered by a competing insurer is also not ruled out. Mergers and takeover
situations may also lead to a change in bancassurance partners.
The IRDA (Insurance Regulatory and Development Authority) has allowed the banks to act
as agents for one life and general insurer, each.
The following table shows the tie up between life insurance companies and banks in India
under the bancassurance model.
Table No. 3.4
Bancassurance Tie-ups in India
No. Name of Life Insurance Company Name of the Bank under Bancassurance tie up
1 HDFC Standard Life Insurance Co.
Ltd.
■ HDFC Bank ■ Saraswat Bank, Indian Bank.
2 Max New York Life Insurance Co.
Ltd.
New India Cooperative Bank ■ The A.P. Mahesh
Cooperative Urban Bank ■ The Thane Janta
23
Sahakari Bank ■ Yes Bank ■ Citizen Credit
Co-op bank Ltd. ■ Punjab & Maharashtra Co-op
Bank Ltd ■ The Zoroastrian Co-operative Bank
Ltd. ■ People Cooperative Bank Ltd.
3 ICICI Prudential Life Insurance Co.
Ltd.
ICICI Bank ■ Jalgaon Peoples Co-op Bank,
Ratanagiri District Central Co-op Bank ■ Ballia
Kshetriya Co-operative Bank ■ Renuka Nagrik
Sahakari Bank ■ Bhandara Urban Co-operative
Bank.
4 Kotak Mahindra Old Mutual Life
Insurance Ltd.
Kotak Mahindra Bank ■ The Ratnakar Bank
Ltd. ■ The Malkapur Urban Co-op Bank
Limited ■ Dombivli Nagari Sahakari Bank Ltd.
5 Birla Sun Life Insurance Co. Ltd. Nagar Urban Co-operative Bank Ltd. ■ The Chikhli
Urban Co-op Bank Ltd.
6 Tata AIG Life Insurance Co. Ltd. United Bank of India ■ The Orissa State
Cooperative Bank Ltd.
7 SBI Life Insurance Co. Ltd. Andhra Pradesh Grameena Vikas Bank ■
Arunachal Pradesh Rural Bank ■ Cauvery
Kalpatharu Grameena Bank ■ Ellaquai Dehati
Bank ■ Langpi Dehangi Rural Bank ■ Malwa
Grameen Bank ■ Mizoram Rural Bank ■
Parvatiya Grameena Bank ■ Purvanchal Gramin
Bank ■ Samastipur Kshetriya Gramin Bank ■
Saurashtra Gramin Bank ■ State Bank of
Bikaner and Jaipur ■ State Bank of Hyderabad ■
State Bank of India ■ State bank of Indore ■
State Bank of Mysore ■ State Bank of Patiala ■
State Bank of Tranvancore ■ Uttranchal Gramin
Bank ■ Vananchal Gramin Bank.
24
8 ING Vysya Life Insurance Co. Ltd. ING Vysya Bank Ltd.
9 Bajaj Allianz Life Insurance Co.
Ltd.
Standard Chartered Bank ■ Syndicate Bank ■
The Cosmos Cooperative Bank Ltd.,
10 MetLife Insurance Co. Ltd. Axis Bank ■ Barclays ■ Jammu & Kashmir
Bank Ltd. ■ Karnataka Bank Ltd.
11 Reliance Life Insurance Co. Ltd. ---
12 Aviva Life Insurance Co. Ltd. ABN AMRO Bank ■ The Lakshmi Vilas Bank
Ltd. ■ Punjab & Sind Bank ■ IndusInd Bank
■ Bank of Rajashtan ■ DBS Bank ■ Shree
Warna Sahakari Bank ■ Prime Cooperative
Bank ■ Nizamabad DCCB ■ Goa State
Cooperative Bank ■ Janaseva Sahakari Bank ■
MP Rajya Sahakari Bank ■ Vasantdada
Shetkari Bank ■ Krishna Sahakari Bank ■
Ichalkaranji Janata Sahakari Bank ■ Surat
District Cooperative Bank ■ Sabarkanta District
Central Co-operative Bank ■ Rajkot Nagrik
Sahakari Bank ■ Kakinada District Central Co-
operative Bank ■ Nasik Merchant Cooperative
Bank ■ Surendranagar District Central Co-
operative Bank ■ Nellore District Central Co-
operative Bank ■ Kashi Gomti Samyut Gramin
Bank ■ Madhya Bihar Gramin Bank ■ Bihar
Kshetriya Gramin Bank ■ Rajasthan Gramin
Bank ■ Ranchi Kunti District Co-operative
Bank ■ Singbhum Central Co-operative Bank
■ Patliputra Central Co-operative Bank ■
Maharastra Godavari Gramin Bank ■ Vidarbha
Keshetriya Gramin Bank ■ Bhagyalakshmi
25
Mahila Sahakari Bank.
13 Life Insurance Corporation of India
(LIC)
Kozhikode District Cooperative Bank ■ Jila
Sahakari Kendriya Bank Maryadit Dewas ■ Jila
Sahakari Kendriya Bank Maryadit Khargone ■
Indian Overseas Bank ■ City Union Bank Ltd. ■
Corporation Bank ■ Central Bank of India ■
Satara District Central Cooperative Bank ■ The
Bharat Cooperative bank (Mumbai) Ltd. ■ Bank
of Maharashtra ■ Dena Bank ■ UCO Bank ■
Allahabad Bank ■ The West Bengal State
Cooperative Bank Ltd. ■ Andaman & Nicobar
State Cooperative Bank ■ Bihar State
Cooperative bank Ltd.
Source: Web Sites of the above mentioned Companies as on February 2010.
3.10 Selected References:
1. Agarwala A. N. (1960), “Insurance in India: A Study of Insurance Aspect of Social Security
in India”, Allahabad Law Journal Press, Allahabad.
2. Government of India (1949) ‘The Insurance Act. 1938, (Act 4 of 1938)’, Ministry of Law,
Government of India, The Manager Government of India Publication, Shimla.
3. Government of India (1949), ‘The Insurance Act. 1938, (Act 4 of 1938)’, Ministry of Law,
Government of India, the Manager, Government of India Publication, Simla.
4. http://en.wikipedia.org/wiki/Rigveda.
5. http://rbidocs.rbi.org.in/rdocs/Publications/PDFs/80595.pdf
6. http://www.britannica.com/EBchecked/topic/313486/Kautilya
7. http://www.britannica.com/EBchecked/topic/396125/Mughal-dynasty.
8. http://www.indiapost.gov.in/PLI.html
9. http://www.inglife.co.in/
10. http://www.irda.gov.in/
11. http://www.swaveda.com
12. IRDA Annual Report
13. IRDA Annual Report 2006-2007
26
14. IRDA Annual Report 2007-08
15. IRDA Annual Report 2008-2009.
16. IRDA Annual Report 2009-10
17. IRDA Annual Report 2010-2011
18. IRDA Annual Report 2011-12
19. IRDA Annual Report 2007-2008.
20. IRDA Handbook on Indian Insurance Statistics - 2007-2008.
21. Narayanan H (2008), ‘Indian Insurance- A Profile’, Jaico Publishing House, Mumbai.
22. Ray R. M (1941), ‘Life Insurance in India, its History, Law, Practice & Problems’, Allied
Publishers, Bombay.
_______________________
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