BANKING TRADE AND COMMERCE

LIFE INSURANCE

Although insurance was started in India as far back as 1870, it could hardly make any progress in Chandrapur district till the nationalisation of the life insurance business. With nationalisation, the Life Insurance Corporation became the sole agency for carrying out life insurance business in India. The Life Insurance Corporation or the LIC, as it is popularly known, was establish-ed on 1st September 1966, under a special ordinance under which the management and control over the life insurance business in India was transferred to the Central Government. This business included the foreign business of Indian Insurers and the Indian business of foreign insurers. The general insurance including fire, marine, accident and other insurance which was, however, kept open to private enterprise was nationalised in May 1971.

Under the new organisational and administrative set-up of the Corporation, Chandrapur district comes under the territorial jurisdiction of the Nagpur division of the western zone.

Since the nationalisation, the Life Insurance Corporation has turned out considerable business. The total business proposed and completed since 1st September 1956 is given below: -

The number of agents in the district on 31st March 1965, was 143. The total number of policies assured during the same period was 15,758 while the sum assured was Rs. 462.05 lakhs.

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