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What are the importance features of LIC Act 1956?
The LIC was established with the following objectives: Spread life insurance widely and in particular to the rural areas, to the socially and economically backward claries with a view to reaching all insurable persons in the country and providing them adequate financial cover against death at a reasonable cost.
What are the main provisions of LIC Act 1956?
[18th June, 1956.] An Act to provide for the nationalisation of life insurance business in India by transferring all such business to a Corporation established for the purpose and to provide for the regulation and control of the business of the Corporation and for matters connected therewith or incidental thereto.
What are the powers of Life Insurance Corporation of India?
(1) Subject to the rules, if any, made by the Central Government in this behalf, it shall be the general duty of the Corporation to carry on life insurance business, whether in or outside India, and the Corporation shall so exercise its powers under this Act as to secure that life insurance business is developed to the …
What is the purpose of Life Insurance Corporation of India?
The primary objective of LIC of India is to spread the importance of life insurance widely in the rural areas and people belonging to socially and economically backward classes. The company functions with a view of providing such individuals with financial cover against death at a reasonable cost.
What are the characteristics of life insurance?
Here are the main characteristics of term life insurance:
- Temporary insurance protection.
- Low cost.
- No cash value.
- Usually renewable.
- Sometimes convertible to permanent life insurance.
What is the scope of life insurance?
The main aim of a life insurance cover is to secure the needs of dependents after one’s untimely death. In addition to the emotional suffering, the financial insecurity arising out of losing the primary earner can be immense.
What is the first non-life insurance?
The life business began in 1818 in Calcutta with the establishment of Oriental Life Insurance Company. The first non-life insurance company was not set up until 32 years later. Its name was Triton Insurance, a company founded by some British in Calcutta.
Which type of Organisation is Life Insurance Corporation of India?
Indian statutory insurance and investment corporation
Life Insurance Corporation of India (LIC) is an Indian statutory insurance and investment corporation headquartered in the city of Mumbai, India….Life Insurance Corporation.
| Yogakshemam Vahamyaham | |
|---|---|
| Type | Statutory Corporation established by an Act of Parliament- LIC Act 1956 |
| Industry | Insurance and Financial services |
| Founded | 1 September 1956 |
What are the main features of life insurance?
Features of life insurance plans
- Issued in the name of the policyholder.
- Flexible premium payments.
- Customizable tenure.
- Customizable sum assured.
- Pay-out on death or on maturity.
- Ability to assign nominees.
- Features an investment component.
What is the importance of life insurance?
Life insurance provides money, or what’s known as a death benefit, to your chosen beneficiary after you die. It can help give your loved ones access to money when they need it. Understanding life insurance can help you plan for your family’s long-term financial needs.
What are the principles of life insurance?
In the insurance world there are six basic principles that must be met, ie insurable interest, Utmost good faith, proximate cause, indemnity, subrogation and contribution.
What are the objectives of life insurance?
In the case of life insurance, the primary objective is to provide income replacement and/or financial security to your survivors in the event of your death.
What are life insurance principles?
Who invented life insurance?
The first life insurance policies were taken out in the early 18th century. The first company to offer life insurance was the Amicable Society for a Perpetual Assurance Office, founded in London in 1706 by William Talbot and Sir Thomas Allen.
Who started life insurance?
Who discovered life insurance?
The earliest known life insurance policy was made in Royal Exchange, London on 18 June 1583. A Richard Martin insured a William Gybbons, paying thirteen merchants 30 pounds for 400 if the insured dies within one year.
When was Life Insurance Corporation started in India?
1 September 1956
The Life insurance Corporation of India was established on 1 September 1956, when the Parliament of India passed the Life Insurance of India Act that nationalized the insurance industry in India.