FORMS OF INSURANCE ORGANISATION IN INDIA 

There are mainly three forms of insurance organisations in India as discussed below: 

1. DEPARTMENTAL ORGANISATION: Departmental insurance are prevalent in difference department of the central and state governments. The postal department of the country has its own system of insurance under which the employees of post offices are insured. The Governments of different states had provided life insurance to their respective employees. Apart from this, the State Governments have also provided sickness, maternity, disability, medical and pension insurances to their employees.
2. CORPORATION

In India, at the time of nationalization of insurance business in the country, the following corporations were established under separate Acts to deal with the insurance business. 

a) The Life Insurance Corporation of India (LIC)

The Life Insurance Corporation of India was established under Life Insurance Corporation of India Act, 1956. It started functioning since September 1956. It owns all the life insurance business of India. 

b) The General Insurance Corporation of India (GIC)

The General Insurance Corporation of India was established under the General Insurance Corporation of India Act, 1972. It has four distinct companies which are: 

1.National Insurance Company Ltd.

2. New India Assurance Company Ltd.

3.Oriental Fire and General Insurance Company Ltd., and

4.United India Fire and General Insurance company Ltd.

These are subsidiaries of GIC. These companies work separately through their distinct entities. But they are controlled and guided by GIC.

c) Employees' State Insurance Corporation

This Corporation was established in 1948. This Corporation provides social security in the course of insurance to labourers as per the Factories Act. The labourers are provided a definite assistance in case of sickness, maternity, disability, medical expenses and assistance to dependents. 

d) Deposit Insurance Corporation

This Corporation was established in 1962. It provides protection to the depositors of a bank. In case the bank fails, the depositors can get their deposits back up to Rs. 10,000.

1. Government Companies

The government, according to the provisions of the Indian Companies Act, 1956 established certain Insurance Companies. In 1957, Export Risks Insurance Corporation was established to insure the export risks. The name of the company was converted to Export Credit and Guarantee 1964. 

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