Origin And History Of Insurance In India!
Life insurance in the contemporary form was primarily set up through a British corporation called “Oriental Life Insurance Company” in the year 1818 followed by “Bombay Assurance Company” in the year 1823 as well as the “Madras Equitable Life Insurance Society” in the year 1829. So, let’s now see the detailed origin and history of Insurance below Detailed Origin And History Of Insurance: All these insurance companies mentioned above used to operate in India but didn’t cover the lives of Indians citizens. They covered the lives of European citizens existing in India. A few of the corporations that initiated later did offer insurance for Indian citizens, as they were preserved as “substandard”. By “Substandard” in insurance, idiom refers to lives with a bodily disability. See the detailed origin and history of insurance The insurance business was led in India without a particular guideline for the insurance business. They were dependent upon the Indian Companies Act 1866. After the ...