Insurance
In India, the concept of insurance was never a given a serious thought, as compared to other countries. People still are under insured, life insurance premia to Gross Domestic Product (GDP) ratio is a mere 1.4% as compared to a healthier rate of 8% amongst other developing countries. The reason being lack of awareness and opportunities combined with poor state of services provided.
Presently in India, the insurance sector is nationalised, services are rendered by Life Insurance Corporation of India (LIC) and General Insurance Company (GIC) alongwith its 4 subsidiaries. While LIC provides life insurance, GIC is concerned with non life insurance like – motor, marine, fire, health and personal accident insurance. LIC employs people in various departments – publicity and public relation department, development department, personnel department, accounts department, actuarial department, secretrarial department, legal department, investment department, inspection department, mortagages department, vigilance department, foreign department, corporate planning department, building department etc.
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