BANKING TRADE AND COMMERCE

INSURANCE

Before the establishment of the Life Insurance Corporation all the insurance business in Dhulia district was in the hands of private companies. The Life Insurance Corporation was established by the Government of India under the statutory Act of 1956. This was done with a view to nationalising the business of life insurance in the country and delegating to the corporation the sole agency of transacting it. General insurance including marine, fire, accident and other insurance, however, remained with the private companies.

Under the new organisational set-up of the Corporation, Dhulia district conies within the territorial jurisdiction of the Nasik Division of the Western Zone. By the end of 1963 the total number of policies issued in the district amounted to 24,937 and the sum assured under them to Rs. 8,73,83,430 [During 1971-72, 5,757 insurance policies were issued and an amount of Rs. 47,28,5,000 was insured.]. The total number of agents as on 31st December, 1963 was 698. The following table gives the total business proposed and the target achieved by the Life Insurance Corporation in Dhulia district since 1st September, 1958.

TABLE No. 24.

STATISTICS OF THE TOTAL INSURANCE BUSINESS PROPOSED AND COMPLETED BY LIC IN DHULIA DISTRICT FROM 1956 TO 1962

*The statistics are from 1st September 1956 to 31st December 1956.

For the years 1956 and 1957, the statistics are for both Dhulia and Dangs districts-Figures for Dangs district, however, are negligible.

The total amount of premia collections in the district is given below.

* During 1971-72, 5,757 insurance policies were issued and an amount of Rs. 47,28,5000 was insured.

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