Taglines and other important info for NICL 2015 exams.

Taglines and other important information about Insurance sector for upcoming NICL exams 2015:

Taglines:

ü  Life Insurance Corporation of India (LIC) – Yogakshemam Vahamyaham – Your welfare is our responsibility

ü  Tata AIA Life Insurance Company Limited – You click, we cover

ü  ICICI Prudential Life Insurance Company Limited – Zimmedari ka humsafar

ü  HDFC Standard life Insurance Company Limited – Sar utha Ke Jiyo

ü  Oriental Insurance Company Limited – Prithvi, Agni, Jal, Akash, Sabki Suraksha Hamare Paas

ü  United India Insurance Company Limited – Rest Assured with Us

ü  SBI Life Insurance Company Limited – With Us, You’re Sure

ü  Birla Sun Life Insurance Company Limited – Muskurate Raho

ü  Bajaj Allianz Life Insurance Company Limited – Jiyo Befiqar

ü  Kotak Mahindra Old Mutual Life Insurance Limited – Faidey ka Insurance

ü  Max New York Life Insurance Company Limited – Karo Zyada ka Iraada

ü  Aviva India Life Insurance – Kal par Control

ü  ING Vysya Life Insurance India Company – Adding Life to Insurance

ü  MetLife India Insurance Company Limited – Have you met life today?

Advantages of Increase in FDI :

From 26 to 49%

§  Better Technology

§  Increase in Competitiveness

§  Innovative Insurance Products and Policies for Public

§  Increase Penetration

§  Employment Generation

§  Stringent competition leading to competitive quotes,

§  Improved services and better claim settlement ratio.

Abbreviations:

IRDAI – Insurance Regulatory and Development Authority of India

GIC – General Insurance Corporation of India

NIACL – New India Assurance Company Limited

NICL – National Insurance Company Limited

LIC – Life Insurance Corporation of India

UIICL – United India Insurance Company Limited

OICL – Oriental Insurance Company Limited

AICL – Agriculture Insurance Company Limited

What is Life Insurance ?

Life insurance is a contract between the policy owner and the insurer, where the insurer agrees to reimburse the occurrence of the insured individual’s death or other event such as terminal illness or critical illness. The insured agrees to pay the cost in terms of insurance premium for the service.

What is IRDAI ?

IRDAI Is an autonomous apex body  which regulates and develops the insurance industry in India. It was constituted by a Parliament of India act called Insurance Regulatory and Development Authority Act, 1999 and duly passed by the Government of India. All Members are appointed by the Government of India.

The agency operates from its headquarters at Hyderabad, Telangana where it shifted from Delhi in 2001. Chairman: T. S Vijayan

What is DICGC ?

Deposit Insurance and Credit Guarantee Corporation ( DICGC) is a subsidiary of Reserve Bank of India. It was established on July 15, 1978 under Deposit Insurance and Credit Guarantee Corporation Act, 1961 for the purpose of providing insurance of deposits and guaranteeing of credit facilities. DICGC insures all bank deposits, such as saving, fixed, current, recurring deposits for up to the limit of Rs. 100,000 of each deposits in a bank.