Public and Private sector organizations in India make up Insurance segment in India. This segment is in the Central Government list, and as per the Seventh Schedule of Indian Constitution, only Union Government can legislate this sector. India allows 49% of Foreign Direct Investment (FDI) in insurance segment. The State-run Life Insurance Corporation of India is the largest insurance company in India. Historically, insurance has been mentioned in writing of ancient scripts of India, such as Kautilya’s Arthashastra, Yagnavalkya’s Dharmashastra and Manu’s Manusmrithi.
The insurance sector in India dates back to 1818, the Oriental Life Insurance Company was established for the European community. The pre-independence period witnessed high discrimination between Indians and English. The first insurance company, Bombay Mutual Life Assurance Society was formed in the year 1970. By 1912, numerous insurance companies were established, National Insurance Company is one of the oldest company in India, founded in the year 1906.
The Indian Government nationalized the insurance sector in the year 1956. Thus Life Insurance Corporation emerged as one of the largest insurance company in India. LIC is formed by merging 245 Indian and Foreign insurance companies. General Insurance business was nationalized to form four companies, namely the New India Assurance Company Ltd., National Insurance Company Ltd.
Insurance is one of the largest sectors in India, which employs a good number of people. The Insurance companies employ agents by conducted necessary training. After successful completion of training, they will be appointed as insurance agents based on commission. However, these jobs will not come under the government jobs. For permanent positions, the recruitment will be completely based on a competitive examination conducted by respective companies. Good grip on the standard GK and current affairs will help in confidence building to clear these exams.
Life Insurance Corporation of India (LIC)
Life Insurance Corporation of India (LIC) employs a good number of people and various other positions. LIC releases recruitment notification commonly for Assistant Administrative Officers and development officers. The recruitment is done through stringent recruitment procedure to join the country’s largest corporation.
New India Assurance Company(NIAC)
New India Assurance Company conducts recruitment for all specialist officers through all India competitive examination. Prospective candidates are selected for the positions based on their performance in the online test.
United India Insurance Company(UIIC)
United India Insurance Company conducts recruitment for Generalist Officers to induct the most qualified individuals by conducting the online competitive examination.