Central Government Employees Group Insurance Scheme (CGEGIS) came into force from 1st January,1982. The scheme provides for two fold benefit, viz., (1) insurance cover to help their families and (2) lump sum payment to augment their resources on retirement.
Life Insurance Corporation of India (LIC) saved government’s divestment programme from disaster by investing up to 11,000 crore in public sector companies last year. According to the finance ministry statistics, LIC accounts about 43 percent of the Rs 25,000 crore raised by the government from four share issues.
India is experiencing vibrant growth in health insurance, buoyed by government initiatives on large-scale insurance programs and favourable regulatory moves to drive private insurers’ expansion with new products and market development.