National Insurance Awareness Day observed on 28 June 2025.

Important Days

National Insurance Awareness Day is observed every year on June 28 to spread awareness about the importance of insurance as a financial tool that safeguards individuals, families, and businesses from unexpected financial burdens and emergencies.


      - This day encourages people across India to evaluate their current insurance policies, understand their coverage terms, and consider updating or purchasing policies to suit their evolving needs and risks.

      - Insurance operates as a legal agreement between the insurer (insurance provider) and the insured individual or entity, defined by policy conditions and terms. It ensures risk transfer from the policyholder to the insurer, offering financial compensation during unforeseen losses.

     

Main Point :-   (i) Historically, India’s formal insurance sector began with the founding of the Oriental Life Insurance Company in 1818 in Calcutta (now Kolkata), located in present-day West Bengal (WB). This event marked the early footprint of structured life insurance in the country.

      (ii) In India, insurance policies offer substantial tax benefits under the Income-tax Act, 1961. For instance, policyholders can claim deductions of up to Rs. 1.5 lakh on life insurance premiums under Section 80C, while death benefits received under a policy are exempt under Section 10(10D) of the Act.


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