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BANKING TRADE AND COMMERCE
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INSURANCE
The Life Insurance Corporation was established by the Government of India on 1st September 1956, after passing the Life Insurance Corporation Act, 1956. The Act nationalised the business of life insurance and made the Corporation the only
agency for carrying on life insurance business in the whole of India. General insurance which includes fire, marine, accident and other insurance is, however, kept open to private enterprise. Accordingly, most of the former insurance companies and societies which used to transact all insurance business including life, switched over entirely to general insurance.
Under the new organisational and administrative set up of the Life Insurance Corporation, Sangli district is placed under the territorial jurisdiction of the Satara Division of the Western Zone.
The total life insurance business done in the district is given below: —
INSURANCE STATISTICS
SANGLI DISTRICT
|
Serial No. |
Year |
No. of Insurance policies issued |
Amount insured |
|
(1) |
(2) |
(3) |
(4) |
|
|
Rs. |
|
1 |
1957-58 |
1,878 |
38,72,000 |
|
2 |
1958-59 |
1,921 |
42,12,000 |
|
3 |
1959-60 |
3,000 |
69,67,000 |
|
4 |
1960-61 |
3,598 |
86,00,000 |
|
5 |
1961-62 |
3,583 |
85,00,000 |
|
6 |
1962-63 |
4,499 |
1,22,03,800 |
|
7 |
1963-64 |
5,136 |
1,59,52,700 |
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