Life insurance business in India – A study of public and private companies

The Indian Insurance industry is on a growth path. A well developed and evolved insurance sector is a boon for economic development of a country. It provides long-term funds for infrastructure development and strengthens the risk-taking ability of the country. Over the past decade, there has been increase in premiums, players and outreach. The number of insurers has also increased making it mandatory for the regulatory authorities to put in place a revised regulatory framework. A combination of these factors along with strong economic growth in the last few years has positioned India as a regional insurance hub and now India aspires to be an international financial centre. This paper discusses the growth and development of Life insurance business in India by analysing the Fresh business premium, Total business premium, Market share and Claims Settlement Ratio between LIC (Public) and Private insurance companies.