Main Article Content
Abstract
The concept of Insurance was brought to India by England in the year 1818 with the formation of Oriental Life Insurance Company set up by Europeans in Calcutta. The Insurance Act was passed in the year 1938. Insurance sector in India plays an important role in the economy of the country. It provides for various saving avenues for the individuals and protects their future by mitigating the risks of various kinds by forming a pool of funds. It also contributes to the infrastructure development of the country as well as in the capital market in the form of investments.