1. Prologue
  2. L2/P10: Social Security, ESCI, EPFO, NPS and Atal Pension scheme
  3. L2/P11: Insurance- History and nationalization in India
  4. L2/P12: Insurance Evolution and Nationalization in India
  5. L2/P13: IRDAI: structure function and reforms under Insurance amendment 2015
  6. L2/P14: MicroInsurance, PM Jeevan Jyoti & Suraksha Bima Yojana

Prologue

  • On 26th June 2015, my session on Insurance sector & 2015’s Amendment
  • Total about 2:30 hours, split into 5 parts.
  • PowerPoint of the lecture, available at mediafire.com/folder/2bb433i58hp2v/General_Studies_Mrunal
  • in above link go to L2-Banking-Finance folder
  • Medium of instruction- Hindi.
  • English version not possible for the moment, because I’m required to teach at this batch, in Hindi/Gujarati only. Besides, same content is available in English-text articles or English PPTs on the site.

L2/P10: Social Security, ESCI, EPFO, NPS and Atal Pension scheme

L2-P10-EPFO-ESIC-Atal_Pension-Yojana

  1. Social Security: meaning and importance
  2. history of Social Security legislation in Britain and India – the role of Sir William Beveridge and Prof. B.P.Adarkar.
  3. Employees State Insurance Corporation and its schemes.
  4. Employee Provident fund Organisation (EPFO) and its 3 schemes and tripartite centre board of trustees.
  5. Universal account number (UAN), labour identification number (LIN) and Shram Suvidha Portal.
  6. New pension scheme (NPS) of PFRDA: Timeline and salient features.
  7. Atal pension Yojana: salient features and benefits.

Youtube Link: https://youtu.be/clxrjaSAiqU

L2/P11: Insurance- History and nationalization in India

L2-P11-Insurance-Theory

  1. What is insurance? How is it different from other financial intermediaries such as banks and mutual funds?
  2. What is the importance of insurance in an economy?
  3. Principles of insurance: Uberrima fides, Indemnity, Subrogation, Causa proxima and Insurable interest
  4. Life insurance types: endowment, whole life, term insurance, unit linked insurance policy (ULIP)
  5. Challenges faced by life insurance industry.
  6. Non-life insurance types: marine, rural, health insurance, fire insurance and 3rd party motor insurance.
  7. Challenges faced by general insurance industry
  8. Definition of insurance penetration and insurance density.

Youtube Link: https://youtu.be/I-H2eU4sOtw

L2/P12: Insurance Evolution and Nationalization in India

L2-P12-Insurance-Nationalization

  1. Evolution of insurance business in world.
  2. Evolution of insurance business in India since ancient times.
  3. Insurance industry in British India and its challenges.
  4. Nationalisation of life insurance industry in 1956- LIC Corporation.
  5. Nationalisation of general insurance industry in 1972: GIC
  6. public sector insurers general insurers in India: National insurance, new India assurance, United India, Oriental insurance and Malhotra Committee reforms.
  7. Export credit and guarantee Corporation of India.
  8. Agriculture insurance Co Ltd and its products.
  9. Deposit linked insurance and credit guarantee Corporation (DICGC)
  10. insurance Amendment 2015: paid-up capital requirements, net owned funds, registration as public limited company, 49% shareholding by foreign investors (FDI and FII)- but it must remain Indian owned in Indian controlled.
  11. Will insurance Amendment 2015 increase the transparency and accountability in insurance industry? Arguments in favour and against.
  12. What is the insurance? IRDA’s norms on compulsory reinsurance? Provisions in Insurance Amendment 2015 to facilitate the entry of private sector re-insurers in India through 49% FDI and direct opening of branches.

Youtube Link: https://youtu.be/vKcoup8eZqU

L2/P13: IRDAI: structure function and reforms under Insurance amendment 2015

L2-P13-Insurance-regulation-IRDA

  1. Malhotra Committee and origin of insurance regulatory and development authority (IRDA)- structure, membership, functions
  2. how does insurance Amendment 2015 increase the powers and authority of IRDAI? Appellate structure above IRDAI?
  3. Investment pattern norms on insurance industry
  4. rural and social obligations on insurance industry
  5. Will insurance Amendment 2015 help in further rural penetration of insurance products? Arguments in favour and against
  6. Will insurance Amendment 2015 help in stabilising the balance of payment, and increase the investment in infrastructure? Arguments in favour and against.

Youtube Link: https://youtu.be/HNJKAxWBDCI

L2/P14: MicroInsurance, PM Jeevan Jyoti & Suraksha Bima Yojana

L2-P14-Insurance-Amendment-2015

  1. micro-insurance: meaning and salient features
  2. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY): salient features, eligibility, premium and compensation.
  3. Pradhan Mantri Suraksha Bima Yojana (PMSBY): salient features, eligibility, premium and compensation.
  4. How to memorise trivial factoids of above schemes, for stupid MCQs using Saif Ali Khan?
  5. Criticism against the three schemes launched by Modi: PMJJBY, PMSBY and Atal Pension Yojana.
  6. Insurance intermediaries: agents, corporate leaders, brokers, bancassurance, surveyors and loss assessors, third-party administrators  (TPAs)- their eligibility conditions and new norms under insurance Amendment 2015 for protection of clients.
  7. Alternative distribution channels
  8. insurance council and changes made in insurance amendment 2015.
  9. tariff advisory committee
  10. grievance redressal mechanism in insurance sector: the report, consumer courts, insurance ombudsman vs. banking ombudsman.
  11. Mock question for Mains:Discuss the importance of Insurance amendments bill 2015 in bringing a framework for greater innovation, competition and transparency in Insurance sector of India

Youtube Link: https://youtu.be/vTShfzYlwLI

Visit youtube.com/user/TheMrunalPatel For more lectures on UPSC General Studies.