Summary |
Insurance ranks as one of the most important industries in any part of the world. The story of insurance is as old as that of mankind as the primitive man observed ‘uncertainty’ and ‘danger’. With the advent of civilization, this urge to provide protection against loss of life and property prompted people to seek security through ‘collective cooperation’. A life insurance policy provides insurance protection to the holder and his family. The Indian insurance market has large potential, considering the country’s huge population. There is tremendous growth in insurance business from the year 2000 as India opened up the industry for private players also. In this book the profile of insurance industry in India in general and in particular the profile of Life Insurance Corporation of India is explained. The historical perspective of Insurance and the structure and growth of insurance industry is also explained. The type of life insurance policies and their benefits to the policy holders are given. The business performance of Life Insurance Corporation of India is presented in two parts as business performance before privatization of insurance sector and business performance after privatization. The aspects such as number of policies, sum assured, rural business, first insurance, clime settlements, maturity climes, death climes, operational performance and expenses of Life Insurance Corporation of India are explained in detail. After this in the part of business performance after privatization, all the above aspects are presented even for the private insurance companies. As such the book covers business performance of whole insurance business. At the end, meaningful conclusions are drawn and necessary suggestions are offered to the insurance companies for better business performance.
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