Insurance for you.
Ever since the Insurance Sector was opened up by the Government of India,there has been a deluge of Companies who have opened shop in India.
Could you imagine a few years ago, of being thousands of miles away from your motherland and:-
a) purchasing an Insurance Policy by mail (except for PIO's)
b) purchasing with your repatriated Indian Currency
c) purchasing with foreign currencies and also being paid back in foreign currency,
d) purchasing Insurance with no limits (for PIO's not more than Rs.20 lakhs)
e) loans being permitted on your policies
f) assigning your policy being possible
g) your policy records could be transferred from one country to another
h) obtain a policy easily as if you were not an NRI but a resident Indian
Well these are just a few amongst a host of other facilities which are now possible even though you are far away.
Long back there were private companies doing Insurance business in India, who subsequently closed down or were asked to close shop as complaints against their functioning went on rising.Then the Government decided to step in and gave birth to Life Insurance Corporation of India in 1956. LIC of India has been functioning smoothly ever since and its name has been synonymous with Insurance in India. However with the opening of the floodgates of liberalisation the Insurance spectrum has changed drastically, with many companies jumping into the foray, and many more in the pipeline.
By Rana Bhattacharya.