History of Life Insurance
The technique of pooling of resources to be re-distributed in times of calamities and emergencies like fire, floods, famine and epidemics is not new in India. This concept of insurance finds mention in the writings of Manu’s Manusmiriti, Yagnavalkya’s Dharmasastra and Kautilya’s Arthasastra. Insurance records in the form of Marine trade loans and carrier’s contracts exist dating ancient times. Over time, the concept of Insurance evolved in India drawing heavily from other countries, particularly England.