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BANKING TRADE AND COMMERCE
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INSURANCE
The insurance business was started in India around 1870. As
the sense of social security amongst people had not developed then, the business had a very limited scope to expand especially in rural areas. Wherever it was carried out, it was done on a small scale by private insurance companies or their representatives. The business began to show marked progress only after it was nationalised. With nationalisation, the Life Insurance Corporation became the sole agency for carrying out life insurance business in India. The Corporation was established on 1st September, 1956 under a special ordinance which transferred the management and control over the life insurance business in India to Central Government. This business included the foreign business of Indian insurers and the Indian business of foreign insurers. The general insurance which includes fire, marine, accident, etc. was, however, kept open for private enterprise.
Under the new organisational and administrative set-up of the Corporation, Yeotmal district falls within the jurisdiction of the Nagpur Division of the Western zone. The insurance business in Yeotmal district has expanded considerably during recent years. By June 1966, there were 284 agents working in the district. The total number of life insurance policies issued through them from 1960 to 1966 (June) was 15,506 and the sum assured amounted to Rs. 5,88,20,250.
The details of the insurance business proposed and completed during the above period (i.e. June 1960 to June 1966) are given below:— |
Period |
Business proposed |
Business completed | |
(1) |
(2) |
(3) | |
|
Rs. |
Rs. | |
June 1960 to December 1960 |
57,92,750 |
51,94,500 | |
January 1961 to December 1961 |
1,02,16,250 |
81,99,750 | |
January 1962 to December 1962 |
86,67,500 |
59,38,000 | |
January 1963 to December 1963 |
1,01,98,000 |
99,26,500 | |
January 1964 to December 1964 |
1,11,20,000 |
1,00,25,750 | |
January 1965 to December 1965 |
1,33,06,000 |
1,22,09,000 | |
January 1966 to December 1966 |
70,29,200 |
73,26,750 | |
Total |
6,63,29,700 |
5,88,20,250 |
Generally, the business is more brisk during the months of November and December than in any other period of the year. This could be seen from the month-wise business figures from 1960 to 1963 as given in the table below:—
TABLE No. 6
LIFE INSURANCE BUSINESS IN YEOTMAL DISTRICT
[Figures in Rs.] |
Month |
1960 |
1961 | |
Proposed |
Completed |
Proposed |
Completed | |
(1) |
(2) |
(3) |
(4) |
(5) | |
January |
-- |
-- |
1,01,000 |
-- | |
February |
-- |
-- |
3,91,000 |
4,000 | |
March |
-- |
-- |
11,31,250 |
3,20,000 | |
April |
-- |
-- |
6,36,000 |
1,82,500 | |
May |
-- |
-- |
2,05,500 |
1,27,500 | |
June |
1,46,500 |
2,94,000 |
4,83,250 |
5,63,750 | |
July |
3,49,000 |
2,46,000 |
6,82,500 |
3,48,250 | |
August |
4,51,000 |
1,76,000 |
5,96,750 |
7,37,000 | |
September |
6,49,000 |
3,27,500 |
5,81,250 |
4,73,750 | |
October |
4,61,500 |
2,05,500 |
8,16,500 |
4,62,750 | |
November |
9,33,500 |
3,84,000 |
8,25,500 |
5,78,500 | |
December |
28,02,250 |
35,61,500 |
37,65,750 |
44,01,750 | |
Total |
57,92,750 |
51,94,500 |
1,02,16,250 |
81,99,750 |
TABLE No. 6
continued
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Month |
1962 |
1963 | |
Proposed |
Completed |
Proposed |
Completed | |
(1) |
(6) |
(7) |
(8) |
(9) | |
January |
46,000 |
-- |
1,50,500 |
3,43,750 | |
February |
2,64,500 |
54,000 |
5,12,250 |
7,87,000 | |
March |
7,60,000 |
2,92,000 |
31,52,750 |
32,01,250 | |
April |
3,09,000 |
4,68,500 |
3,33,000 |
1,62,500 | |
May |
8,41,250 |
3,36,500 |
3,65,000 |
5,42,500 | |
June |
3,73,000 |
2,53,500 |
2,52,000 |
2,71,500 | |
July |
5,70,500 |
4,60,750 |
2,14,000 |
2,18,500 | |
August |
6,99,750 |
4,08,500 |
7,96,500 |
3,15,000 | |
September |
6,32,500 |
5,52,250 |
5,64,500 |
4,65,250 | |
October |
8,27,500 |
4,49,750 |
5,78,500 |
5,16,000 | |
November |
9,43,000 |
6,83,500 |
7,42,250 |
7,86,000 | |
December |
26,00,500 |
19,78,750 |
25,36,750 |
23,17,250 | |
Total |
88,67,500 |
59,38,000 |
1,01,98,000 |
99,26,500 |
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