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BANKING TRADE AND COMMERCE
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INSURANCE
Insurance: Although the beginning of insurance in India was made in 1870 when some private companies were formed, the real expansion of the business took place during the time of the Swadeshi movement.
TABLE No. 15—COLLECTION OF SMALL SAVINGS IN AHMADNAGAR DISTRICT DURING 1965-66 AND 1971-72
(Rupees in lakhs)
|
Serial No. |
Type of Certificate |
Target |
Gross collection |
Withdrawals |
Net collection |
|
1965-66 |
1971-72 |
1965-66 |
1971-72 |
1965-66 |
1971-72 |
1965-66 |
1971-72 |
|
(1) |
(2) |
(3) |
(4) |
(5) |
(6) |
(7) |
(8) |
(9) |
(10) |
1 |
* National defence certificates |
-- |
-- |
15.31 |
Nil. |
33.29 |
Nil. |
(—)17.98 |
Nil. |
2 |
* Ten-year defence certificates |
-- |
-- |
00.35 |
-- |
Nil |
-- |
(+)0.35 |
Nil. |
3 |
Fifteen-year annuity certificate |
-- |
-- |
Nil. |
-- |
Nil. |
-- |
Nil. |
Nil. |
4 |
Post Office Savings Banks |
-- |
-- |
175.08 |
171.87 |
151.62 |
155.72 |
(+)23.46 |
(+)16.15 |
5 |
Cumulative time deposits |
25.00 |
40.00 |
5.44 |
20.08 |
00.79 |
8.69 |
(+)4.65 |
(+)11.59 |
6 |
Others |
-- |
-- |
4.48 |
139.43 |
Nil. |
33.67 |
(+) 4.48 |
(+)105.76 |
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Total |
25.00 |
40.00 |
200.66 |
331.58 |
185.70 |
198.08 |
(+) 14.96 |
(+)133.50 |
* The figures of 1971-72 are nil as these certificates are discontinued and seven-year National Saving Certificates are now in existence. The figures of these certificates are included in 'others'.
For long however, the life insurance business remained in the hands of foreign companies. It was only in the wake of the freedom movement and during the Second World War, when inflationary pressures tended to swell, that the volume of business increased and new companies came up. With a view to keeping a close watch over the management, investment of funds and expenditure of insurance companies, the Government established a department of insurance, and enacted the Insurance Act of 1938.
Prior to the establishment of the Life Insurance Corporation of India there was very little development of insurance business in Ahmadnagar district. The incorporation of the Life Insurance Corporation on 1st September 1956 brought the business of all the life insurance companies and provident fund societies under its fold. Even the insurance business of the foreign insurers was vested in the Corporation. General insurance covering fire, marine, accident, etc., which was kept open to private enterprise has also been nationalised.
According to the new organisational and administrative set-up of the Life Insurance Corporation, Ahmadnagar district is placed under the territorial jurisdiction of the Pune Division of the Western Zone. The following table gives the statistics relating to life insurance business in Ahmadnagar district:—
TABLE No. 16—STATISTICS OF LIFE INSURANCE, AHMADNAGAR DISTRICT
|
Year |
Number of policies |
Sum assured |
|
(in Rs.) |
1964-65 |
5,363 |
2,11,18,450 |
1965-66 |
5,209 |
2,26,24,700 |
1966-67 |
4,024 |
1,79,67,500 |
1967-68 |
4,370 |
2,20,95,500 |
1968-69 |
4,689 |
2,36,08,500 |
It becomes evident from the above table that the progress of life insurance business was quite remarkable in the district from 1964-65 to 1968-69 except for the fall in business in 1966-67 which was reported to be due to the strike of Development Officers of the Corporation. In 1971-72, the number of policies insured rose to 5,030 and the sum insured amounted to Rs. 3,31,69,000.
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