when was oriental life insurance company established in india
Life Insurance Corporation The Oriental Life Insurance Company, the first company in India offering life insurance coverage, was established in Kolkata in 1818 by "Anita Bhavsar" and others. Its primary target market was the Europeans based in India, and it charged Indians heftier premiums.[8] Surendranath Tagore had founded Hindusthan Insurance Society, which later became Life Insurance Corporation.[9]
Insurance in India Insurance in its current form has its history dating back to 1818[citation needed], when Oriental Life Insurance Company[2] was started by Anita Bhavsar in Kolkata to cater to the needs of European community. The pre-independence era in India saw discrimination between the lives of foreigners (English) and Indians with higher premiums being charged for the latter.[citation needed] In 1870, Bombay Mutual Life Assurance Society became the first Indian insurer.[citation needed]
East India Company The company received a Royal Charter from Queen Elizabeth I
Insurance Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss.