List Of Insurance Companies In India
May 24, 2013 2 Comments
Today there are a heck of a lot of Insurance companies in India and every few days some or other new product is launched and withdrawn.
Insurance agents are are paid by the companies they represent and have little motivation to study products from other companies and none to recommend any of them to you.
Theoretically, brokers who are deemed by law to work in the interests of the buyer,are meant to study products from multiple companies and impartially recommend the best for their client. But remember they are compensated by insurance companies on the basis of each product they sell.Additionally the commission is on a percentage basis and calculated on the size of the premium.So brokers too face a conflict of interest and have less incentive to sell cheaper products. Read more of this post
Indians have been a prudent lot for millenia and risk mitigation has taxed the Indian mind from ancient times. The works of Manu ( Manusmrithi ), Yagnavalkya (Dharmasastra ) and Kautilya ( Arthasastra ) talk about the pooling of resources that could be re-distributed in times of calamities such as fire, floods, epidemics and famine. This is a pre-cursor to modern day insurance which is based on the
wealthymatters 