Insurance is a social security arrangement wherein the insured pays a premium and the insurer agrees to pay for the loss arising out of unforeseen happenings. The premium collected from the insured is invested in nation-building activities.
But with the government permitting private players in the insurance sector, the concept of social security has taken a back seat. Raising the level of FDI in the insurance sector to 49 per cent is an anti-people move.
P. Viswanathan, Chennai