car, personal and Home Insurance in India | Insurance in India
Introduction to Insurance in India
Today, we will be discussing insurance in India. In India, insurance is a subject of the central government and is regulated by the Insurance Regulatory and Development Authority (IRDA). There are two main types of insurance in India- life and general insurance. Life insurance covers the risk of death, while general insurance covers risks such as fire, theft, and accidents.
In India, insurance is a relatively new concept. The first life insurance policy was issued in 1818 by the British East India Company. General insurance began in India in 1850 with the establishment of the Oriental Fire & Marine Insurance Company in Calcutta.
The Indian insurance market has come a long way since then. Today, there are over 100 life insurance companies and over 50 general insurers operating in India. The total premium collected by these insurers was Rs. 3.85 trillion (US$ 58 billion) in 2016-17.
The life insurance sector is the largest component of the Indian insurance industry, with a share of 54%. It is followed by the health insurance sector (23%), the motor vehicle insurance sector (10%), and the non-life or general insurance sector (9%).
The Indian government has been taking various steps to promote the growth
Types of Insurance in India
There are many different types of insurance available in India, and it can be confusing to know which one you need. Here is a quick guide to the most common types of insurance:
1. Car Insurance: As the name suggests, car insurance covers your vehicle in case of an accident or other damages. It is required by law in India, and you will need to have a valid policy in order to register your car.
2. Personal Insurance: This type of insurance covers you, as an individual, in case of an accident or other damages. It is not required by law, but it is a good idea to have if you are worried about being held liable for damages.
3. Home Insurance: Home insurance protects your home against damage from fire, floods, earthquakes, and other disasters. It is not required by law, but it is recommended if you want to protect your investment.
Car Insurance in India
There are a few things to keep in mind when shopping for car insurance in India. The first is that there are a lot of options available, so it’s important to compare rates and coverage before buying a policy. It’s also important to understand the different types of coverage available. Liability insurance, for example, is required by law in India, but it only covers damage to other people and property, not your own car. Collision and comprehensive coverage are optional but can provide valuable protection for your vehicle.
When you’re ready to start shopping for car insurance, be sure to get quotes from several different insurers. Rates can vary significantly, so it pays to shop around. And when you’re comparing quotes, be sure to compare apples to apples by looking at the same type and amount of coverage. Otherwise, you won’t be able to accurately compare prices.