Associate Professor, Dept. of Economics, Kuvempu University, Shankaraghatta, Shimoga Dt, Karnataka
Online published on 21 November, 2013.
The history of life insurance in India started after the establishment of a British firm, Oriental Life Insurance Company at Calcutta in 1818 and Bombay Life Assurance Company in 1923. Before the establishment of Bombay Mutual Life Assurance Society (the Indian insurance company) in 1871, the Indian lives were treated as sub-standard and charged extra premium of 15 to 20 percent. The Bombay Mutual Assurance Society was covering Indian lives at normal rates. The Madras Equitable Life Insurance Society in 1874, Bharat Insurance Company in 1896, Hindustan Co-operative Insurance Company (Calcutta) in 1907; the Indian Mercantile, General Assurance and Swadeshi Life (Bombay Life) were also established during the same period. To regulate the life insurance business, the government passed the Indian Life Assurance Companies Act in 1912.
The study has following objectives,
To know the importance of insurance in risk management
To study the history insurance in India
To study the performance of Life Insurance Corporation of India and
To know the competitors of Life Insurance corporation of India.
The secondary data is used for the study.
The paper contains Objectives, Need for Study, Functioning of LIC under State Control, Life Insurance Corporation of India, Progress and Performance of LIC Business in India, Revenue Details of LIC, Functioning of LIC in the Globalized Market, Major Players in the Insurance Sector in India and Conclusion.
