Life Insurance India Term Paper
Market
For over 50 years, life insurance in India was defined and driven by only one company – the Life Insurance Corporation of India (LIC). With the Insurance Regulatory and Development Authority (IRDA) Bill 1999 paving the way for entry of private companies into both life and general sectors there was bound to be new-found excitement – and new success stories. Today, just three years since their entry, their cumulative share has crossed 13% (Source: IRDA), far exceeding expectations.
Clearly insurance is on a growth path. The percentage of premium income to GDP which was just 2.3% in 2000/01 rose to 3.3% in 2002/03; and life insurance has emerged as the dominant contributor to this growth.
The industry presented a huge opportunity. Life insurance penetration, for instance, was at an abysmal 22% of the insurable population. However, private players have had to rise to many challenges. They were faced with attitudinal barriers towards the category and the perception that......
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Approximate Word Count: 1785
Approximate Pages: 8 (250 words per double-spaced page)
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