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Public Sector Insurance Companies in India
1. Life Insurance Corporation of India (LIC)
• Established: 1956
• Type: Life Insurance
• Ownership: Government of India
• Headquarters: Mumbai
• Key Info:
o Oldest and largest life insurance company in India.
o Held monopoly in the life insurance sector till the entry of private companies post-2000.
2. General Insurance Corporation of India (GIC Re)
• Established: 1972
• Type: Reinsurance
• Ownership: Government of India
• Headquarters: Mumbai
• Key Info:
o Only public sector reinsurance company in India.
o Provides support to direct insurance companies.
o Subsidiary: GIC Re South Africa.
3. Agriculture Insurance Company of India Ltd. (AIC)
• Incorporated: 20th December 2002
• Started Operations: 1st April 2003
• Type: Crop Insurance (General Insurance)
• Ownership: Ministry of Finance, Govt. of India
• Headquarters: New Delhi
• Key Info:
o Specializes in agriculture and crop insurance.
o Implements government schemes like PMFBY (Pradhan Mantri Fasal Bima Yojana).
4. Export Credit Guarantee Corporation Ltd. (ECGC)
• Established: 30th July 1957
• Type: Export Insurance
• Ownership: Ministry of Commerce & Industry, Govt. of India
• Headquarters: Mumbai
• Key Info:
o Provides credit risk insurance to Indian exporters.
o Helps boost international trade.
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5. National Insurance Company Ltd. (NICL)
• Established: 1906
• Type: General Insurance
• Ownership: Government of India
• Headquarters: Kolkata
• Key Info:
o One of the oldest general insurance companies in India.
o Offers wide range of products including vehicle, health, and property insurance.
6. The New India Assurance Co. Ltd.
• Established: 23rd July 1919
• Type: General Insurance
• Ownership: Government of India
• Headquarters: Mumbai
• Key Info:
o Largest public sector general insurer in India.
7. The Oriental Insurance Co. Ltd.
• Established: 12th September 1947
• Type: General Insurance
• Ownership: Government of India
• Headquarters: New Delhi
• Key Info:
o Known for offering customized and specialized insurance products.
o Focus on industrial and commercial sectors.
8. United India Insurance Co. Ltd.
• Established: 1938
• Type: General Insurance
• Ownership: Government of India
• Headquarters: Chennai
• Key Info:
o Offers products for retail and commercial sectors.
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Insurance Ombudsman (India)
Establishment & Legal Basis
• Established: 11th November 1998
• By: Government of India under Redressal of Public Grievances Rules, 1998
• Legal Framework:
o Under powers of the IRDAI Act, 1999
o Rules updated under Insurance Ombudsman Rules, 2017 (amended in March 2021)
Purpose & Role
• Alternative Grievance Redressal Mechanism
• Handles complaints related to:
o Life Insurance
o General Insurance
o Health Insurance
• Applicable to:
o Individual policies
o Group policies
o Sole proprietors & micro enterprises
• Claim Limit: ₹30 lakhs or less
Governance Structure
Council for Insurance Ombudsmen (CIO)
• Total Members: 9 (including Chairperson)
• Members Include:
1. 2 from Life Insurers (nominated by Life Insurance Council)
2. 2 from General Insurers (excluding standalone health insurers)
3. 1 from Standalone Health Insurers
4. 1 from IRDAI
5. 1 from Ministry of Finance (Joint Secretary level)
6. 2 Chairpersons (Rotating: Chairman of LIC and GIPSA)
Term:
• 3 years
• Re-nomination gap: 3 years (except for IRDAI, Finance Ministry, Chairperson nominees)
Insurance Ombudsman
• Appointed by: CIO based on recommendations from Selection Committee
• Selection Committee Includes:
1. Chairperson of IRDAI (or senior member)
2. 1 general insurance expert (from Banks Board Bureau)
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3. 1 life insurance expert (from Banks Board Bureau)
4. 1 consumer rights representative
5. 1 Central Government representative (Finance Ministry)
Qualifications:
• Age: 55–65 years
• Experience:
o Civil Servants: Ex-Joint Secretary (or equivalent), OR
o Insurance Professionals: 25+ years, 1 level below Board Director
• Tenure: 3 years or until age 68 (whichever is earlier)
• Reappointment: Not eligible
• Exception: Those serving before March 2, 2021 – till term end or age 70
Coverage & Access
• 17 Ombudsman Centres: Delhi, Mumbai, Chennai, Kolkata, Hyderabad, Ahmedabad, Bengaluru,
Bhopal, Bhubaneswar, Chandigarh, Guwahati, Jaipur, Kochi, Lucknow, Noida, Pune, Patna
• No Fee Required to file complaint
• Online Filing & Video Hearings Available
Conditions to Approach Ombudsman
1. First, lodge complaint with insurer.
2. If:
o No response in 30 days, or
o Complaint is rejected, or
o Not satisfied with response
→ Then file with Ombudsman.
3. Applicable only to individual policyholders
4. Claim amount must be ₹30 lakhs or less
Grounds for Complaint
1. Delay in claim settlement
2. Partial/total rejection of claims
3. Premium disputes
4. Misrepresentation of policy terms
5. Legal disputes (policy clauses, “Act of God”, etc.)
6. Poor service by insurer/agent/intermediary
7. Policy mismatch with proposal form
8. Policy not issued after premium payment
9. Violation of IRDAI rules or policy terms
Settlement Process
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1. Recommendation:
• Ombudsman acts as mediator
• If accepted by complainant → Insurer must comply in 15 days
2. Award (Binding Decision):
• If no settlement → Ombudsman issues Award within 3 months
• Insurer must comply in 30 days
Recent Amendments (March 2021)
• Covers services of:
o Agents, Brokers, Intermediaries
• Online complaints enabled
• Video conferencing introduced
• Brokers brought under Ombudsman jurisdiction
1. Pradhan Mantri Suraksha Bima Yojana (PMSBY)
• Launch: 2015
• Ministry: Finance
• Type: Accident Insurance
• Eligibility: 18–70 years with a bank/post office account
• Premium: ₹20/year
• Coverage: Accidental death/disability
• Covers accidental death and disability due to accidents, natural calamities (earthquakes, floods),
and murder.
• Benefits:
o Death or total disability: ₹2 lakh
o Partial disability: ₹1 lakh
• Auto-Renewal: Yes (Auto-debit before June 1 annually)
2. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
• Launch: May 2015
• Ministry: Finance
• Type: Life Insurance
• Eligibility: 18–50 years with a bank/post office account
• Premium: ₹436/year
• Coverage: Death (any cause)
• Benefit: ₹2 lakh on death
• Term: One year, renewable
3. Pradhan Mantri Fasal Bima Yojana (PMFBY)
• Launch: January 2016
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• Ministry: Agriculture
• Type: Crop Insurance
• Eligibility: Farmers growing notified crops
• Objective: Compensation for crop loss due to natural calamities, pests, etc.
• Coverage Includes:
o Yield Loss
o Prevented Sowing
o Post-Harvest Losses
o Localized Calamities
4. Atal Pension Yojana (APY)
• Launch: May 2015
• Ministry: Finance (Managed by PFRDA)
• Type: Pension Scheme
• Eligibility: 18–40 years (non-income tax payers since Oct 2022)
• Contribution: Monthly (auto-debited, amount based on age and pension choice)
• Pension: ₹1000–₹5000/month from age 60
• Benefit:
o Spouse continues pension after subscriber’s death
o Corpus paid to nominee after both pass away
5. Pradhan Mantri Vaya Vandana Yojana (PMVVY)
• Launch: May 2017
• Managed by: LIC
• Target: Senior Citizens (60+)
• Type: Pension-cum-Investment Scheme
• Policy Term: 10 years
• Max Investment: ₹15 lakh
• Returns: 7%–9% annually
• Benefits:
o Regular pension (Monthly/Quarterly/etc.)
o Return of purchase price on death or maturity
o Loan and premature exit allowed
6. Pradhan Mantri Kisan Maandhan Yojana (PM-KMY)
• Launch: September 2019
• Ministry: Agriculture
• Type: Pension Scheme for Farmers
• Eligibility:
o Small/Marginal Farmers (land ≤ 2 hectares)
o Age 18–40 years
o Not covered under EPFO/ESIC/NPS or not an income taxpayer
• Contribution: ₹55–₹200/month (Govt. matches contribution)
• Pension: ₹3000/month from age 60
• Family Pension: 50% to spouse upon death
1. Pradhan Mantri Suraksha Bima Yojana (PMSBY)
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• Launch Date: May 9, 2015
• Ministry: Ministry of Finance
• Type: Accidental Insurance
• Implementing Agency: Public Sector General Insurance Companies and other insurers
• Eligibility: Indian citizens aged 18 to 70 years having a savings bank or post office account
• Premium: ₹20 per annum (auto-debited before June 1 each year)
• Coverage:
o Accidental death or total permanent disability: ₹2 lakh
o Partial permanent disability: ₹1 lakh
• Renewability: Yes (Auto-renewed annually)
• Source: [Link] – PMSBY
2. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
• Launch Date: May 9, 2015
• Ministry: Ministry of Finance
• Type: Life Insurance
• Implementing Agency: Life Insurance Corporation (LIC) and other life insurers
• Eligibility: Indian citizens aged 18 to 50 years with a savings bank or post office account
• Premium: ₹436 per annum (auto-debited)
• Coverage: ₹2 lakh (for death from any cause)
• Term: One year, renewable every year
• Source: [Link] – PMJJBY
3. Pradhan Mantri Fasal Bima Yojana (PMFBY)
• Launch Date: January 13, 2016
• Ministry: Ministry of Agriculture & Farmers’ Welfare
• Type: Crop Insurance Scheme
• Eligibility: All farmers (loanee and non-loanee) growing notified crops in notified areas
• Premium:
o Kharif Crops: 2% of sum insured
o Rabi Crops: 1.5%
o Commercial/Horticultural Crops: 5%
• Coverage:
o Prevented sowing/planting risk
o Standing crop (yield loss)
o Post-harvest losses
o Localized calamities
• Yield Losses: Comprehensive risk insurance is provided to cover yield losses due to non-preventable
risks, such as ○ Natural Fire and Lightning ○ Storms, Hailstorms, Cyclones, Typhoons, Tempest,
Hurricanes, Tornados, etc. ○ Flood, Inundation, and Landslide ○ Drought, Dry spells ○ Pests/
Diseases etc.
• 2. Prevented Sowing (on notified area basis):- In cases where the majority of the insured farmers of a
notified area, having the intent to sow/plant and incurred expenditure for the purpose, are prevented
from sowing/planting the insured crop due to adverse weather conditions, shall be eligible for
indemnity claims upto a maximum of 25% of the sum insured
• 3. Post-Harvest Losses (individual farm basis): Coverage is available upto a maximum period of 14
days from harvesting for those crops which are kept in “cut & spread” condition to dry in the field after
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harvesting, against specific perils of cyclone / cyclonic rains, unseasonal rains throughout the
country.
• 4. Localized Calamities (individual farm basis): Loss/damage resulting from the occurrence of
identified localized risks i.e. hailstorm, landslide, and Inundation affecting isolated farms in the
notified area.
• Implementing Agencies: Empanelled insurance companies under MoA
• Source: [Link]
4. Atal Pension Yojana (APY)
• Launch Date: May 9, 2015
• Ministry: Ministry of Finance (Regulated by PFRDA)
• Type: Pension Scheme
• Eligibility:
o Citizens aged 18 to 40 years
o Since October 2022, only non-income tax payers can enroll
• Contribution: Monthly (based on age and desired pension; auto-debited)
• Pension Benefits: ₹1000–₹5000 per month from age 60
• Death Benefits:
o Spouse receives pension after subscriber’s death
o Nominee receives corpus after both pass away
• Source: [Link]
5. Pradhan Mantri Vaya Vandana Yojana (PMVVY)
• Launch Date: May 4, 2017 (Available until March 31, 2023)
• Managed by: Life Insurance Corporation of India (LIC)
• Target Group: Senior Citizens aged 60 years and above
• Type: Pension-cum-Investment
• Policy Term: 10 years
• Maximum Investment: ₹15 lakh per senior citizen
• Returns: Assured interest rate of 7.4% per annum (compounded monthly)
• Benefits:
o Monthly/quarterly/semi-annual/annual pension payout
o Return of purchase price on death/maturity
o Loan facility after 3 years
o Premature exit for critical illness allowed
• Source: [Link] – PMVVY
6. Pradhan Mantri Kisan Maandhan Yojana (PM-KMY)
• Launch Date: September 12, 2019
• Ministry: Ministry of Agriculture & Farmers’ Welfare
• Type: Voluntary Pension Scheme for Farmers
• Eligibility:
o Small and marginal farmers with landholding ≤ 2 hectares
o Age: 18–40 years
o Not an income tax payer, and not covered under EPFO/ESIC/NPS
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• Contribution: ₹55 to ₹200/month (based on entry age); Government contributes equally
• Pension: ₹3000 per month from age 60
• Family Pension: Spouse gets 50% of pension on subscriber’s death
• Exit Option: Exit with contributions + interest if leaving early
• Source: [Link]