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GIC: General Insurance Corporation.

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S etup of GIC :

It was constituted in 1973 under the GIC act 1972

It resulted into nationalization of 68 Indian insurance company and45 non- Indian insurance company

T he paid up capital of GIC is fully subscribed by the Government of India.

T he 4 subsidiaries of GIC conduct marine, fire, miscellaneous insurancebusiness while GIC direct business is only in the form of aviation insurance

automobile insurance , ocean insurance , theft loss etc

GIC is the only Indian reinsurer

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Corporation was formed as a holding company, with four subsidiary operatingCompanies. T hey are:

New India Assurance Company LtdUnited India Insurance Company LtdNational Insurance Company Ltd

Oriental Insurance Company Ltd

GIC and its subsidiaries .

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M ission of GIC

To provide need-based and low cost general insurance covers tothe rural population keeping in mind their low premium paying capacity.

To administer a crop insurance scheme for the benefit of farmers .

To develop and introduce covers with social security benefits.

To develop a marketing network throughout the country including areaswith low premium potential; promote balanced regional developmentirrespective of cost considerations and make the benefits of insuranceavailable to the masses.

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N etwork of GIC.

GIC and its subsidiaries function through a network of 4167 officesspread across the length and breadth of the country.

GIC and its subsidiaries have a total workforce of around 85,000.

It is one of the largest Financial Institutions in the country.

T he other ventures initiated by GIC are GIC Mutual Fund and GIC HousingFinance.

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R ecent changes in the services of GIC.

It has undertaken rural insurance scheme and agricultural insurancescheme such as livestock, poultery,sericulture,pesciculture,hoticulture,etc.

And even GIC has launched schemes like personal accident policy,

health insurance etc

S ome schemes of GIC .

Fire insurance,Marine insurance,Motor insurance,Personal accident insurance.

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F ire insurance

Following are the features of fire insurance scheme of GIC:-

Policy rates

Discount in standard premium

Loading in premium

Design of scheme

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M arine insurance

Following risk are covered up to 7 days of arrival at destination of goods

Fire or explosion.

Vessel being stranded and sunk.

Derailment of land carrier or rail wagon.

Collision with external object.

Lighting.

Breakage of bridges.

Overturning of vehicle.

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M otor insurance

In India motor vehicle act was passed in the year 1939 to make 3 rd partyInsurance compulsory.

T he act of 1939has been replaced by motor vehicles act 1988

Risk or loss covered are:-

FireExplosionSelf ignitionLightingBurglaryRiotsStrikeNatural calamity

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P ersonal accident insurance

Personal insurance has two categories:-Normal risk

Heavy risk

compensation

Percentage of compensation is usually 100% in all the cases

Loss of two limbs & two eyes is also 100%

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T hanking Note

To,Prof. Anuradha

We express our deep sense of gratitude and

humble to Anuradha mam for his affectionate attitude andgranting us such a wonderful opportunity.

From,13007

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sources:-

www.wikipedia.com

Google search

www.GIC.com

College library

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