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Provides finacial security to the citizens of the country, thereby, releives the Government its burden to certain extent in funding the welfare measures. If the people at large are covered by Insurance, Government may direct the fund for other welfare measures so that the country is economically sound.
beside enhancing individual financial security it eases out burder of government social welfare funding apart from social role it relieves government of meeting financial security moreover.
Beside enhancing individual financial security it eases out burder of Government social welfare funding. Apart from social role it relieves government of meeting financial security. Moreover it can assist economic development in general and particularly development of financial markets.
To implement of Taxssion benefiets as well as improveing the standerads of Health Care.
In case of untoward events or accidents, the injured may not have enough resources to meet his medical expenses. In that case he becomes helpless and
the government is not able to help as the cases are plenty and also because of variations in all matters connected with the injured.
At the same time the insurance company which specialises and maintains funds for these purposes can actually help the poor, needy and suffering people in time and with sufficient amount for the purposes. Thus, shortly speaking the insurance companies are mini governments which look after the needs of the needy people. So, the government is spared of this cumbersome dealings.
Insurance industry has vital role in all societies, it provides protection from unwanted and unpredictable events by covering financial loses.
The government has significant benefit from insurance to handle growing demand of medical by providing medical insurance, to cover major losses in accidents by motor insurance and to manage financial & business interruption loses in fire or damage in natural disasters where it is difficult for government to manage individual claims.
In addition, insurance business generate funds, jobs and contribute in stability of country.
Insurance company generate funds by collecting premium.these funds invested in country economic development.
Insurance generate funds by collecting premium. These funds are invested in government securities and stock. These funds are gainfully employed in industrial development of a country for generating more funds and utilised for the economic development of the country. Employment opportunities are increased by big investments leading to capital formation.
They share a symbiotic relationship.
Insurance is an integral cooperative partner of the governments in helping and reaching out during natural disaster events. It also takes the responsibility away from the government and puts it back to the population in securing the community.
Indian Government Increased the Foreign Direct Investment from 26% to 49% . Insurance Creates Job in the country. As per the IRDAI regulation (Investment Regulation) premium collected from India cannot be invested outside country .
