Insurance Sector UPSC Prelims Practice Quiz

In 1993, the Government set up a committee under the chairmanship of RN Malhotra, former Governor of RBI, to propose recommendations for reforms in the insurance. Following the recommendations of the Malhotra Committee report, in 1999, the Insurance Regulatory and Development Authority (IRDA) was constituted as an autonomous body to regulate and develop the insurance industry.

19th January 1956. All 245 insurance companies operating then in the country were merged into one entity, the Life Insurance Corporation of India.

245 insurance companies operating in the country were merged into one entity, the Life Insurance Corporation of India.

The minimum equity capital requirement is Rs 100 crore for life insurance or general insurance and Rs 200 crore for a person exclusively in the business of re-insurance

There are at present 17 Insurance Ombudsman in different locations

Twelve Indian insurance companies, four co-operative insurance societies, five foreign insurers with Indian operations and the general insurance operations of the southern region of Life Insurance Corporation of India were merged with United India Insurance Company Limited to form the company

With a vision of providing easy access to its policyholders, LIC has launched its SATELLITE SAMPARK offices. The satellite offices are smaller, leaner and closer to the customer. The digitalized records of the satellite offices will facilitate anywhere servicing and many other conveniences in the future.

Yogakshemam Vahaamyaham which means “Your welfare is our responsibility.

95% to Policy holder; 5% to government

Pradhan Mantri Surakhsa Beema Yojana (PMSBY); Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY); Pradhan Mantri Fasal Bima Yojana; Pradhanmantri Vaya Vandana Yojana (PMVVY).