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National Insurance Awareness Day, 28 June 2023

Every year June 28 is observed as National Awareness Day. The day serves as a reminder of the critical role. National Insurance Awareness Day..

Every year June 28 is observed as National Awareness Day. The day serves as a reminder of the critical role that insurance plays in protecting individuals and families from financial setbacks. It encourages individuals to understand the various types of insurance available, such as life, health, auto, and home insurance, and to explore options for securing their financial future.

About the Insurance

Insurance is a legal agreement (financial tool) between two parties – the insurer (Insurance Company/provider) and the insured (Policy holder), also known as insurance coverage or insurance policy, in which the insurer provides financial coverage for the losses of the insured that she/he may bear under certain circumstances.

Evolution of Insurance in India

  • India witnessed the emergence of life insurance business in 1818 with the establishment of the Oriental Life Insurance Company in Calcutta (Now Kolkata in West Bengal).
  • In 1914, the Government of India (GoI) started publishing returns of Insurance Companies in India.
  • The Indian Life Assurance Companies Act, 1912 was the first statutory measure to regulate the life insurance business.
  • In 1956, an ordinance was issued nationalising the Life Insurance sector and Life InsuranceCorporation (LIC) came into existence
  • The LIC of India was formed by an Act of Parliament (LIC, Act 1956), with a capital contribution of Rs. 5 Crores from GoI.

Types of Insurance

  1. Auto Insurance
  2. Life Insurance
  3. Home Insurance
  4. Health Insurance
  5. Property Insurance
  6. Term Life Insurance
  7. Umbrella Insurance
  8. Travel Insurance
  9. Whole Life Insurance
  10. Disability Insurance
  11. Universal Life Insurance
  12. Pet Insurance
  13. Long-term Care Insurance
  14. Flood Insurance
  15. Variable Universal Life Insurance 
  16. Critical Illness Insurance
  17. Contents Insurance
  18. Professional Liability Insurance
  19. Earthquake Insurance
  20. Dental Insurance
  21. Worker’s Compensation Insurance
  22. Comprehensive Coverage

Read also:- World No Tobacco Day 

National Insurance Awareness Day, 28 June 2023,National Insurance Awareness Day, 28 June 2023

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