Insurance Expert » security scheme in UK http://ic-test.com Always Things Future - Seabloggers INC Sat, 04 Sep 2010 05:12:51 +0000 http://wordpress.org/?v=2.8.6 en hourly 1 Insurance is a Social Security http://ic-test.com/2009/11/10/insurance-is-a-social-security/ http://ic-test.com/2009/11/10/insurance-is-a-social-security/#comments Tue, 10 Nov 2009 22:18:52 +0000 admin http://ic-test.com/?p=13 Under a socialistic system the responsibilities of full security would be placed upon the state to find resources for providing social security. In the capitalistic society, provisions of security is largely left to the individuals. The society provides instruments, which can be used in securing this aim. Insurance is one of them. In a capitalistic society too there is a tendency to provide some social security by the State under some schemes, where members are required to contribute e.g. the social security scheme in UK.

In India , Social security finds a place in our Constitution. Article 41 requires the state, within the limits of its economic capacity and development, to make effective provision for securing the right to work, to education and to provide public assistance in case of unemployment, old age, sickness and disablement and in other cases of undeserved want. Part of the State’s obligations to the poorer sections are met through the mechanism of the life insurance. As per the law and the directions of the regulatory authorities, insurance companies in India are obliged to extend insurance benefits to economically weaker sections of the society in the unorganized sector.

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