New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    Which company was the first and the oldest to start

    'Life Insurance' in India?
    A National Insurance Company Correct Answer Incorrect Answer
    B Oriental Life Insurance Company Correct Answer Incorrect Answer
    C New India Assurance Correct Answer Incorrect Answer
    D Life Insurance Corporation Correct Answer Incorrect Answer
    E United India Insurance Correct Answer Incorrect Answer

    Solution

    Insurance in India has its history dating back until 1818, when Oriental Life Insurance Company was started by Anita Bhavsar in Kolkata to cater to the needs of European community. The pre-independence era in India saw discrimination between the lives of foreigners (English) and Indians with higher premiums being charged for the latter. In 1870, Bombay Mutual Life Assurance Society became the first Indian insurer. At the dawn of the twentieth century, many insurance companies were founded. In the year 1912, the Life Insurance Companies Act and the Provident Fund Act were passed to regulate the insurance business.

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