A performance evaluation of life insurance corporation of India and other private life insurance companies

It is worth interesting to note that the origin of the concept of insurance is very old and dates back almost 4500 years go in the ancient empire of Babylonia. This concept prevailed and developed during the medieval period in Europe. Public sector life insurer and private sector life insurer in India or playing

An important role in promoting India's economic development in tertiary sector, life insurer generating the surplus savings from the public which will be invested in to various central and state government approved securities in different avenues. Life insurer covers the life risk of both individual and group which benefits most of the insurable population of the country in the form of density and penetration. Attraction of life insurance business is mainly depends upon their products and services. There was a lot of cut throat competition as well as profiteering. As a result life insurance corporation of India (LIC) came to existence on 1^st September, 1956 after nationalization of all the insurance companies engaged in the life insurance business. Consequently, Insurance Regulatory and Development Authority (IRDA) have been established under IRDA Act, 1999 to regulate the insurance business in the country. As a result, private sector has been allowed entry both in general and life insurance sector in India. The Indian life Insurance Industry has geared up in all respects, as well as it being forced to face a lot of healthy competition from many national and international private sector insurance players. The descriptive and analytical secondary data based study was conducted with an objective to evaluate the

Performance of Life Insurance Corporation of India and other private insurance companies. The suggestions and findings recommended by the researcher will be extremely useful for the life insurance companies to apply and follow in the future.