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Role of Insurance in The Development of The Indian Economy: - Indira Radhakrishnan

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13 views20 pages

Role of Insurance in The Development of The Indian Economy: - Indira Radhakrishnan

Uploaded by

indira.radhakrishnan22h
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Role of Insurance in the

development of the Indian Economy

-Indira Radhakrishnan
Role of Insurance in the development
of the Indian Economy

• Introduction
• Economic development of the country and ways to develop it
• Role of Insurance companies in the development of the Indian economy
• Comparing some of the insurance company’s plans and their contribution to
economic growth
• Conclusion
Introduction
• Insurance is a means of managing risk and protecting himself from losses.
• Key elements of economic development include an increase in GDP, Job
creation and employment opportunities, Technological Advancements and
Innovations, Trading, etc.,
• Insurance is a strong pillar of the financial market and plays an important role
in the economy.
• A well-developed insurance sector promotes economic growth by
encouraging more industrial activities through risk-taking.
• The insurance sector plays a major role in the development of the Indian
economy.
• Good life insurance companies have huge funds collected through small
amounts of premiums to individuals and these funds are invested in ways that
contribute to the economic development of the country, in which they do
business.
• There are 57 Insurance companies in India. 24 of
they are Life Insurance Companies recognized
by IRDA and the other 33 are Non-Life Insurance
companies that are approved by IRDA.
• Life Insurance Corporation of India is the only public
sector company among the life insurance.
Economic Development of the country and ways to develop it

Economic Development of a country:


• Economic development refers growth of a country’s economy, leading to an
improvement in the standard of living, well-being, and overall quality of life
for its citizen.
• Key elements of economic development include:
i. Increase in GDP
ii. Job Creation & Employment opportunities
iii. Poverty Reduction
iv. Infrastructure development
v. Human capital Development, etc.
Economic Development of the country and ways to
develop it

Ways to improve the Indian Economy:


• Infrastructure Development
• Promoting Entrepreneurship & Innovation
• Focus on Manufacturing & Industrialization
• Investment in Education and skill Development
• Agricultural Reforms
Role of Insurance Companies in the
Development of the Indian Economy
Bajaj alliance Insurance Plans and their contribution to the
development of the Indian Economy:

Bajaj Allianz Insurance Plans:


o Term Life Insurance
• Unit-Linked Insurance Plan (ULIPs)
• Saving and Retirements Plans
• Child Plans
Bajaj alliance Insurance Plans and their contribution to
the development of the Indian Economy:

• Bajaj Allianz Insurance Plans:


o Health Insurance
• Individual Health Insurance
• Family Floater Health Insurance
• Personal Accident Insurance
Bajaj alliance Insurance Plans and their contribution to
the development of the Indian Economy:

• Bajaj Allianz Insurance Plans:


o Motor Insurance
• Two-wheeler Insurance
• Car Insurance
o Travel Insurance
• Individual Travel Insurance
• Student travel insurance
Bajaj alliance Insurance Plans and their contribution to
the development of the Indian Economy

Contribution of Bajaj Insurance Allianz to the growth of the Indian


economy
• Insurance Coverage
• Job Creation
• Economic Stability
LIC Plans and their contribution to the development of the
Indian Economy

Your text here

LIC Insurance plans


• Endowment Plans
• Whole Life Insurance Plans
• Child Plans
LIC Plans and their contribution to the development of
the Indian Economy

Contribution of LIC to Indian Economy Development


• Financial Protection
• Employment Generation
• Rural and Social Development
Insurance Plans and Contribution of Aditya Birla Sunlife Insurance Co.
Ltd. In the growth of the Indian economy

Insurance plans of Aditya Birla SunLife Insurance Co. Ltd.


• Unit Linked Insurance Plans (ULIPs)
• Retirement Plans
• Group Insurance Plans
Insurance Plans and Contribution of Aditya Birla Sunlife
Insurance Co. Ltd. In the growth of the Indian economy

Contribution of Aditya Birla SunLife Insurance Co. Ltd. To Indian


economic growth
• Capital Formation
• Risk Management
• Contribution to GDP
Comparing some of the life insurance company’s plans
and their contribution to economic growth:
Comparing the plans of Bajaj Allianz, LIC, and Aditya Birla
SunLife Insurance Co. Ltd.

o Bajaj Allianz Life Insurance


• Term Insurance Plans
• Unit Linked Insurance Plans (ULIPs)
o LIC (Life Insurance Corporation of India)
• Endowment Plans
• Whole Life Plans
o Aditya Birla Sun Life Insurance Co. Ltd.
• Term Insurance Plans
• Retirement Plans
Comparison of LIC, Bajaj Alliance, and Aditya Birla SunLife
Insurance Co. Ltd., for their contribution to the Indian economy

• Premium Collection and Investments


• Job Creation and Employment
• Investment in Infrastructure and Industries
CONCLUSION

• Insurance companies play a crucial role in the development of the Indian


economy in several ways:
• Risk Management
• Job Creation
• Social Welfare
• Economic Stability

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