Insurance has a deep rooted history in India. In the writings of Ancient authors like Manu's Manusmrithi, Yagnavalkya's Dharmasastra and Kautilaya's Arthashastra we find it in a different way. It has been mentioned that during the ancient days whenever there were calamities like floods, famines, epidemics, fires etc, then the rulers pooled up the resources and re-distributed the same to the public. It can be considered as the Pre-cursor of the Insurance in India. The basic purpose of insurance is to cover the risk of life or things of utility.
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