Role of Life Insurance Corporation in Insurance Sector of IndiaByDhruva RavaniStudentMBA Semester IIIR.D. Gardi Department of Business ManagementRajkot
It is worth interesting to note that the origin of the concept of insurance is very old anddates back almost 4500 years ago in the ancient empire of Babylonia. This concept prevailed and developed during the medieval period in Europe. The emphasis of insurance was on traders' merchants and seafarers in marine industries at that time to provide them safety in terms of money against certain unseen risks including death. Theconcept of insurance has its origin in Indian scriptures. The Vedas give the idea of 'Yougkshema' means a promise to provide community insurance to the risk bearers as back as around 1000 B.C., which was practised by the Aryans.In 1956 a radical step was taken by the central govt. regarding nationalization of insurance industries which emerged as the Life Insurance of India the major objective of this corporation was to give maximum benefits to maximum citizens of India by providing them wide range of benefits against a number of risks. The details of Lick's business during last 5 years are given in the paper, which are self – explanatory.
Almost 4500 years ago, in the ancient Land of Babylonia, traders used to bear risk of thecaravan trade by giving loans that had to be later repaid with interest when the goodsarrived safely. In 2100 B.C. the code of Hammurabi granted legal status to the practice.That perhaps, was how insurance made its beginning.Life insurance had its origins in ancient Rome, Where citizens formed burial clubs thatwould meet the funeral expenses of its members as well as help survivors by makingsome payments.In 1347, in Genoa, European maritime nations entered into the earliest known insuranceand decided to accept marine insurance as a practice. Back to the 17th century, in 1693,astronomer Edmond Halley constructed the first mortality and compound interest. In1756, Joseph Dodson reworked the table, linking premium rate to age. The 19th centurysaw huge developments in the field of insurance, with newer products being devised tomeet the growing needs of urbanization and industrialization.
LIFE INSURANCE IN INDIA
Insurance in India can be traced back to the Vedas. For instance, Yougkshema, the nameof Life Insurance Corporation of India's corporate headquarters, is derived from the RigVeda. The term suggests that a form of 'community insurance' was prevalent around 1000BC and practised by the Aryans.Bombay Mutual Assurance Society, the first Indian life assurance society, was formed in
Role of Women in Nation Building
- Today's modern women.
- Women's role in freedom struggle.
- Women play the role of professional and homemaker successfully.
- Even today disparity exists between men and women.
- Participation of women in politics should be encouraged.
- Law should be introduced to check the crime against women.
- Literacy is a must for women.
Women such as Indira Gandhi, Margaret Thatcher, Golda Hair, Shri Mayo Bhandarnaike, Vijay Luxmi Pandit, Kiran Bedi have proved themselves in all manners, better than their male counterparts. These women shaped their own destiny as well as their country's destiny in such an efficient manner that made the whole society proud of them.
Today's educated and modern women have shed away their inhibitions and fears. They have shown to the world that they are highly equipped to compete in personal and professional spheres. They are successful both as homemakers as well as professionals, academicians, bureaucrats and politicians.
Men should realise the power of women, and women should also realise their power too, what they can do for them, for their family and for their nation. They are the building blocks of nation building. In the words of, Martin Luthar King, a mother's place is inside her home, but she should also make certain, she gets outside that home enough to help worth while crusades and actively mould the country her children will live in. She, therefore holds a key position and her role in shaping the fate of the nation must be recognised and respected.
Women have generally been looked down upon with disdainful contempt. All sorts of strictures have been inflicted upon them, reducing their status to a mere play thing or a slave of man's whims, a mere creature to remain dumb and just obey. They have been confined to the hearth and home. But time and again women have shown streaks of courage, will power and ability to handle responsibilities both inside and outside the house.
While India was struggling to get free itself from the clutches of the British Raj, the women folk came forward to shoulder the responsibility. Rani Laxmibai is an epitome of bravery and courage displayed by a woman. A number of freedom fighters such as Sarojini Naidu, Sucheta Kriplani, Vijay Luxmi Pandit played an important role in the struggle for independence. The exemplary display of courage and determination hinted towards the hidden capabilities of the woman.
Women's patience and politeness make them better contenders than their male counterparts. Mary Kom, Sania Mirza, Saina Nehwal, Sumitra Mahazan, have made their presence strongly felt in their respective fields. Recently, India had its first-three women air force pilot of the country, which is another milestone achieved by the woman. Today's modern and educated women have shed away their inhibitions and fears. They are actively participating in the personal and professional sphere. Role of women in modern India can be called as phenomenal.
On the one hand, they are perfect homemakers and on the other hand, they have been successful in the roles of professionals, academicians bureaucrats and politicians. The modern Indian women have honed their skills and have jumped into a battlefield of life fighting against social restrictions, emotional ties, religious boundaries and cultural clutches.
Arundhati Bhattacharya, Indra Nooyi, Shobhna, Kiran Mazumdar Shaw, Chitra Ramakrishna, Shikha Sharma, Chanda Kochhar, Vinita Bali, Kumud Shri Niwasan, Naina Lal Kidwai, Nisaba Godrej are some of the women who are contributing in their unique way in economic journey of India as CEO's or heads of various organisations and financial institutions.
Whether, it is media or social issues or science research or stock exchange, or foreign affairs, sports women have shown their ability of decision-making, hard work and professionalism in all spheres. They have been successful in the roles of professionals, academicians, bureaucrats and politicians.
Despite all the contributions made by the women in the different spheres, the ground realities tends to differ. A considerable pay disparity exists between both the sexes across the all sectors. Even today, there are quite a handful of women who have been able to make it to the top most positions. This is because the females are always given a backseat in comparison to their male counterparts.
In post- independence era, the political leaders realised the importance of women emancipation in the development of the country. They understood that the progress of a country is not possible until the women are given an equal status. But sadly, the goal yet remains unfulfilled. The men are still not able to give the women their due credit. It is high time that the society changes its attitude towards the women. We need to develop as a society. The women must be treated at par with their male counterparts.
Their contribution in their respective fields needs to be acknowledged and applauded. On the professional front, they need to be provided equal opportunities as their male counterparts.
Apart from these, a woman needs to understand her hidden potential. She needs to break down the barriers around her. Instead of looking for a role model, she needs to become a role model for others. It is only she who can unleash her hidden potential. She needs to believe in the fact that the hand that rocks the cradle, rules the world.
The government needs to formulate strict laws to check the rising crime against the women. It needs to ensure that these laws are implemented strictly and the crimes against women are completely rooted out. The government should aim at eradicating the illiteracy among the masses. It is the education which can play an important role in the women empowerment. An educated woman is an asset to the country and forms the cornerstone of nation building.
Swami Vivekananda has rightly quoted "There is no chance for the welfare of world unless the condition of women is improved. It is not possible for a bird to fly on only one wing".
Difficult Words with Meanings :
- Vibrant full of energy and life
- Perseverant a person full of determination
- Equipped to provide with a particular feauture or ability
- Inhibitions shyness or apprehensions
- Crusades vigorous campaign
- Disdainful someone you think does not deserve respect
- Strictures restrictions; 8. Whims sudden change of mind
- Hearth and home family and home
- Streaks traces
- Epitome symbol or embodiment
- Exemplary perfect, without flaw
- Contender someone who tries to compete with other people to try to win something
- Phenomenal extraordinary
- Honed carefully developing or sharpening abilities
- Disparity great difference
- Emancipation to free (someone) from someone else's control or power
- Applauded praise or approve of
- Unleash release or unloose
- Rooted out destroyed completely
shared by Nisheeta Mirchandani