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FINANCE
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AGENCIES DOING INSURANCE BUSINESS
The Government of India decided in 1956 to step into the field of
insurance business, to establish it on a sound footing by nationalising its major component, that is, Life Insurance and accordingly by a statutory Act established the Life Insurance Corporation in 1956. Since then all the insurance business in life policies undertaken by insurance companies, provident fund societies and foreign insurers was taken over by the Corporation which thus became the
foremost and the largest single agency doing life insurance business in India. General insurance including fire, marine, accident and other insurance business was, however, kept open to private enterprise. Most of the former insurance companies and societies which used to transact all insurance business including life, have now switched over entirely to general insurance only.
Under the new organisational and administrative set-up of the Life Insurance Corporation, the district of Jalgaon is placed under the territorial jurisdiction of the Nasik Division of the Western Zone, with its headquarters at Jalgaon. The number of agents working for the Corporation was 624 in 1956, 780 in 1957 and 706 in 1958. The total business proposed from 1st September, 1956 to 31st December was Rs. 38,96,168 while the business completed during the same period amounted to Rs. 27,53,000. The corresponding figures were Rs. 1,20,30,950 and Rs. 93.50,000 and Rs. 1.41,22.750 and Rs. 1,16,11.750 in 1958. The total number of policies proposed increased from 1,665 in 1956 to 5,601 in 1958; and those which were completed from 1,077 to 4,603 during the same period.
The figures bear an eloquent testimony to the gradually increasing insurance habits of the people in spite of the partially developed nature of the district economy.
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