Professor, Saveetha Engineering College, Chennai, India
Online published on 11 July, 2017.
India has long been known for the diversity of its culture, for the inclusiveness of its people and for the convenience of geography. Today, the world's largest democracy has come to the forefront as a global resource for industry in manufacturing and services. Its pool of technical skills, its base of an English-speaking populace with an increasing disposable income and its burgeoning market have all combined to enable India emerge as a viable partner to global industry. Investment opportunities in India are today perhaps at a peak. Supported by India's natural strengths, India offers investment opportunities in excess of US$850 billion in diverse sectors over the next five years.
• To study the Growth of Life Insurance Corporation in India
• To understand the meaning and different concepts of investment
• To study attributes required for growth of Life Insurance sector
• To find out the customer loyalty in Life Insurance Corporation
• To suggest measures for the improvement of quality of services offered by Life insurance sector.
During the last 50 years life insurance has become the main vehicle for carrying social security to the public in general and the weaker sections in particular. The institution of insurance has thus proved to be a reliable as well as a viable means of carrying the benefits of social security to the people and it can be said in particular that life insurance ultimately provides social security when it meets the needs of the people. Life insurance market, hitherto dominated by a governmental monopolistic monolith-LIC, had to make way for a slew of private players who paired with local financial institutions to revolutionalise the insurance market in India. The essence of insurance is to share losses and substitute certainty by uncertainty. Human life is also an income generating asset, albeit, intangible.
Being the world's seventh largest country and the second most populous one, the type of opportunity, the country's hold of insurance business can be envisioned. The global penetration level is around 4.7% as against India's 2.6% hence there is tremendous potential to be tapped. Over the past five decades LIC of India has become a household name, when it comes to providing insurance cover to millions of people in India. LIC continues to be the dominant life insurer even in the liberalized scenario of Indian insurance and is moving fast on a new growth trajectory surpassing its own past records. LIC has issued over one crore policies during the current year. It has crossed the milestone of issuing 1, 01, 32, 955 new policies by 15th Oct, 2005, posting a healthy growth rate of 16.67% over the corresponding period of the previous year. From then to now, LIC has crossed many milestones and has set unprecedented performance records in various aspects of life insurance business.
