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Insurance Concepts and IRDA [Insurance Regulatory and Development Authority] - Classification of Insurance Business

Medically Reviewed by The Medindia Medical Review Team on Sep 08, 2014


Classification of Insurance Business

Insurance business is divided into four classes namely:


  1. Life Insurance
  2. Fire Insurance
  3. Marine Insurance and
  4. Miscellaneous Insurance
  5. Life Insurers transact life insurance business whereas General (non-Life) Insurers transact the rest. No composites are permitted as per law.

    Life Insurance

    Under Life Insurance, the highly popular insurance products are: Endowment Assurance (Participating) and Money Back (Participating). More than 80% of the life insurance business is derived from these products.

    General Insurance:

    Under General (Non-Life) Insurance, Fire and Miscellaneous insurance businesses are predominant. Motor Vehicle insurance is compulsory under Indian Law. Tariff Advisory Committee (TAC) lays down tariff rates for some of the general insurance products. In India, Health Insurance is placed under General Insurance category. Till date the penetration of Health Insurance in India has been miniscule and is in the process of making a bigger impact amongst Indian masses.

    References:

    1. Insurance Regulatory and Development Authority - (http://en.wikipedia.org/wiki/Insurance_Regulatory_and_Development_Authority)
    2. Insurance Regulatory & Development Authority (IRDA) - (http://www.banknetindia.com/finance/irda.htm)
    3. Insurance - (http://en.wikipedia.org/wiki/Insurance)

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