Classification of Insurance Business
Insurance business is divided into four classes namely:
- Life Insurance
- Fire Insurance
- Marine Insurance and
- Miscellaneous Insurance
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.
![An Introduction - Indian General [Non-Life] Insurance Companies](https://www.medindia.net/images/patientinfo/120x100/health-insurance21.jpg "An Introduction - Indian General [Non-Life] Insurance Companies")
I wish to lodge a complaint against SBI Insurance Co. Ltd. with you. How I can proceed in this matter. I am from Delhi. Sushma Malhotra.
IF I AM EMERGENCY ADMITE SERIAS CONDITION IN HOSPITAL.THAT TIME I AM NOT CHECK THE HOSPIRAL REGISTRATION and NOT COUNT NUMBER OF BEDS. and HOSPITAL HAS LESS THAN 10 BED REGISTRATION. CAN INSURANCE COPMANY REIMBURSMENT OF CLAIM ?
Dear Sir, I have a insurance policy Kotak Mahindra, and paid only one lakh and the other cheque when I sent out it came back undeliverable. I am an NRI. Now when I am writing to Kotak Mahindra regarding the reimbursement of my money they are not replying. Is there a email id or place where I can lodge a complain
Myself and my wife aged abot 70 Years [and in good Health so far] have Health Insurance Policy (presently of Rs. 2.25 each) for the last Ten Years with No Claim so far. It is due for renewal shortly. We propose to change Scheme to Family Medicare Policy Flotter subsequently. Will we get benefit of old Policy in the new scheme? De-facto, it is continuance of Health Policy with change of scheme only Jagdish
It is very good. After all, the Chairman of a regulatory body like the IRDA should have domain knowledge on Insurance. For far too long the country has suffered with retired IAS officers getting mansabs or sinecures as Chairmen of these bodies