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Over the years, government initiatives, increased awareness of insurance, retirement planning, product innovation, foreign investments, mergers and acquisitions in insurance industry and promotional campaigns by insurers has led to significant growth of insurance sector in India. Overall insurance industry is expected to reach US $280 billion by 2020.

What is Insurance?

Insurance is compensation for financial loss on the event of an uncertain event. It is a contract and is an agreement between insurance company and the insured, and this contract is enforceable by law. Life insurance is long term contract and covers the loss of income due to death / accident or illness, while general insurance is usually of shorter term normally 1 year and covers the material loss. IRDA (Insurance Regulatory and Development Authority of India) regulates insurance industry in India.

Insurance is broadly categorized into the following:

  • Life Insurance like Term Insurance
  • Non-life insurance or General Insurance like two wheeler/ four wheeler / travel / health / industrial equipment covers / crop insurance, gadget insurance

In General Insurance, there are 6 public sector insurers whereas in Life Insurance Company (LIC) there is only one national re-insurer and i.e. General Insurance Corporation of India (GIC).

Out of 33 general insurance companies, following 5 private sector insurers are registered to underwrite the policies exclusively in Health, Personal Accident and Travel Insurance sectors.

  • Star Health and Allied Insurance company Ltd
  • Apollo Munich Health Insurance company Ltd
  • Health Insurance company Ltd
  • Signa Health Insurance company Ltd
  • Religare Health Insurance company Ltd

To boost insurance segment, following government initiatives has been taken:

  • In year 2000, government set foreign investment limit to 26% and increased it to 49% in 2014, which led to further expansion of insurance market share.
  • IRDA also recently allowed insurance companies with more than 10 years of operations to raise Initial Public offerings (IPO).
  • Insurance to individuals has been provided to citizens below poverty line by introducing schemes such as:
    • Pradhan Matri Suraksha Bima Yojana (PMSBY) – reached 130.41 million in 2017-18
    • Rashtriya Swasthya Bima Yojana (RSBY) and
    • Pradhan Mantri Jeevn Jyoti Bima Yojana (PMJJBY)
    • Pradhan Fasal Bima Yojana (PMFBY) reached 47.9 million farmers in the year 2017-18
    • Ayushman Bharat, National Health Protection Scheme, announced in Budget 2018-19 plans to provide insurance upto to Rs 50Lakh to more than 100 vulnerable families in India.

Stakeholders, other than IRDA, Insured and the insurer, involved in insurance are as follows:

How Insurance works?

  1. Insurer selects a policy or a plan of some value which is called sum insured.
  2. Policy is approved by insurer considering risks, hazards and material facts. Policy can be denied as per terms defined under policy conditions or by underwriter.
  3. Insured pays some amount (depending upon policy terms) called Premium to insurance company till defined period.
  4. On trigger of uncertain or unwarranted event, covered under insurance policy, insured can raise a claim and insurer or insured company settles the claim.
  5. In case of any dispute, insurer can reach out to grievance cell at toll free number 155255 or complaints@irda.gov.in

Spicemoney in partnership with Easy Policy offers General Insurance for two wheelers / four wheelers and health insurance. Spicemoney offers opportunity to compare and choose policy depending upon need and requirement of the customer.

To avail the Insurance benefits all you have to do is follow the following steps:

  1. Visit any nearest Spicemoney counter.
  2. Compare policy terms, prices, payment options, and premium and choose policy that fits your requirements.
  3. Provide necessary details such as Proof of Identity (POI) and Proof of address (POA).
  4. Pay the amount through any following payment modes:

5. The policy is submitted instantaneously and customer receives the policy in just 48 hours.

Spicemoney is to help you understand the importance of life, disability and long-term care insurance in a sound financial plan, so you’re able to better protect yourself and your family.

If you still need help getting a handle on all this, talk to an agent. They can help you understand the ins and outs and the best policy for your budget and needs. Because of course—the most important thing to know about life insurance is that it’s there to help the people you love the most.

Post Author: Shubhani Rawat

Hi, I am Shubhani. I am a Technical Writer at Spicemoney.

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