A prestigious program titled “Insurance Awareness” was organized on Wednesday for students at the local Sri Ramakrishna Degree College (Autonomous). The chief guests for the seminar were Mr. K. Siva Shankar Kumar, Branch Manager of Life Insurance Corporation of India (LIC), Nandyal Branch, and Mr. K. Ramachandra Murthy.

The seminar began with a formal welcome to the guests. Along with the chief guests, faculty members Pothula Ratna Reddy, Ratna Rami Reddy, MSR Ramprasad, Sushma Sukumar, and students participated in the event.

On this occasion, chief guest Mr. K. Siva Shankar Kumar addressed the students, clarifying their doubts about insurance and sharing several insightful points:

He explained that the insurance system existed in India even before Independence. He stated that LIC was established on September 1, 1956, and that the insurance sector was nationalized on January 19, 1956. He expressed concern that while in developed countries insurance coverage begins at birth, India has not achieved the expected level of progress due to lack of awareness. He emphasized that the goal is to extend the importance of insurance to even the remotest villages in the country.

He mentioned that the Insurance Regulatory and Development Authority (IRDA), established in 1999, regulates all insurance companies.

He further clarified that by 2047, when India celebrates 100 years of Independence, the primary objective is for every citizen to have insurance coverage.

He explained that insurance is a contract between the policyholder and the company, serving as a powerful financial tool to compensate for losses arising from unforeseen events. The type of insurance coverage depends on a person’s profession, income, and health condition.

After the speech, Mr. Siva Shankar Kumar patiently answered several questions raised by students and also explained the employment opportunities available in the insurance sector.

At the end of the program, the college management and faculty members honored chief guest Mr. K. Siva Shankar Kumar with a shawl and presented him with a memento in recognition of the valuable information he shared. The program witnessed the participation of college staff and a large number of students.