Early civilizations have been a witness to the evolution of humans into its modern form. Humans have touched marvels in every domain of science, culture, art and knowledge. Civilizations grew, so did the materialistic value of commodities. Overtaking the barter system which existed in early economic systems, currency values and commodity pricing came into existence. The concept of money grew to create a modern day world which works on the principle of currency based economy. This eventually led to the concept of savings and investments. According to the early literature, the first methods which brought the concept of insurance were invented by Chinese and Babylonian traders in the late 3rd and 2nd BC. This was the first method of risk transferring and distribution in terms of money. The merchants who used to sail through the rivers would redistribute goods across various vessels in order to cap the loss in case of single vessel capsizing. Thus, the Babylonian society went ahead and developed a code which rapidly gained popularity. This code was known as Code of Hammurabi which was developed in1750 BC. This code stated that if in case a merchant receives a loan in order to fund his ship, he would have to pay the person who lends the money an additional sum in exchange for a guarantee that the whole loan would forfeit if the shipment is stolen or wrecked at sea. This was the first documented insurance investment. In recent years, insurance witnessed a tremendous growth level with almost the insured growing at double the rate every fiscal year. Buying insurance plans not only maximizes chances of financial assistance in case of loss but also provides benefits to the insured and his/her family in times of need
Insurance policy, which was more or less considered a waste investment in primitive times has gained more adaptability and understanding among people and is now looked upon as a leading investing source. Introducing new technologies in insurance sector with options of buying insurance online has also helped people to know and understand insurance investments better before opting for it. Best insurance plans are those which provide maximum benefit at a much less premium rates. These plans provide a hassle free investment options for people. With rising increase in diseases, accidents, business losses, natural calamities, nothing can be a better investment than investing in insurance plans. Looking at the recent trends of growing insurance acceptability amongst people about insurance, One cannot refrain from saying that indeed insurance sector has gained popularity due to its nature of maximum profits in minimum investments.