Insurance Sector Of India
...are part of life's great adventure- accidents, illness, theft, Natural disasters- they are all built into working of the universe waiting to happen. So far that there is a solution - insurance and to provide with the knowledge of this insurance benefits to the customers, the Financial Consultant plays an important role in this field.
To overcome these risks and uncertainties this project describes about various Insurance companies. How these companies provide benefits to policy holders is well explained by the Financial Consultant. Now days a lot is being done to create awareness among the insuring Public about the need and importance of insurance in the field of human being.
In this direction IRDA has planned to create awareness through electronic and print media. Recruitment of Financial Consultants is done to ensure the smooth serving of insurance sector. The project deals with the procedure of recruitment of Financial Consultant.
OVERVIEW
OF AN
INSURANCE
INDUSTRY
AN OVERVIEW
With the largest number of life insurance policies in force in the world, Insurance happens to be a mega opportunity in India. It’s a business growing at the rate of 15-20 per cent annually and presently is of the order of Rs 450 billion (for the financial year 2004 – 2005). Together with banking services, it adds about 7% to the country’s Gross Domestic Product (GDP). The gross premium collection is nearly 2% of GDP and funds available with LIC for investments are 8% of the GDP.
Even so nearly 80% of the Indian population is without life insurance cover while health insurance and non-life insurance continues to be below international standards. A large part of our population is also subject to weak social security and pension systems with hardly any old age income security. This in itself is an indicator that growth potential for the...
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