Page 85 - BFSI CHRONICLE 10 th Issue (2nd Annual Issue ) .indd

Edition July 2022
Annual Issue, 10
BFSI Chronicle, 2
BFSI Chronicle, 2 Annual Issue, 10 Edition July 2022
nd
th th
nd
WALK Abstract
Insurance is HEDGING the risk of an individual
relating to almost every aspect say, life, house, travel,

OF health, accident, fire, theft, vehicle, medical…so on.
Though it is very old concept, related to as old as
evolution of societies, but it has not walked so long
INSURANCE as it has been in other parts of the world. It could
not reach to masses. In India, life insurance has
been a fundamental element of most individuals' life
SECTOR cycles. For a few, it is a financing opportunity while

others refer to it as a security net to support for their
IN people's up comings in case of unfortunate demise.
In the walk of insurance sector, it has faced many
problems, ups and downs, but now it is in quite
INDIA developed phase and opening of the sector has helped

it grow a lot.
Foundation of the Concept of Insurance
Insurance is an agreement, characterized by a
statement, in which an entity accepts monetary
safeguard or settlement compared to costs
from an insurance company. The firm puts
together policy holders' risks to make expenses
more reasonable for the assured. Insurance is
HEDGING the risk of an individual relating
to almost every aspect say, life, house, travel,
health, accident, fire, theft, vehicle, medical…
so on. Though it is very old concept, related to
as old as evolution of societies, but it has not
walked so long as it has been in other parts of
the world. It could not reach to masses.
In India, insurance has a deep-embedded
record. It discovers reference in the works
of Manu (Manusmrithi), Yagnavalkya
(Dharmasastra) and Kautilya (Arthasastra). The
books speak in periods of sharing of funds that
could be re-supplied in times of mishaps such
as blaze, surges, pandemics and food crisis. This
was possibly a pre-indicator to contemporary
Dr. Jyotsna Haran (Retired) day assurance. Earliest Indian history has
Presently Visiting Professor in Mumbai. protected the original bits of coverage in the

The Institute Of Cost Accountants Of India
The Institute Of Cost Accountants Of India
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