Life insurance business in north eastern region of Indian: A study about prospects and potentials

Insurance has been an integral part of financial services system and recognized as a cornerstone of a country‘s financial health & symbol of progress. Globalization of insurance market, as a part of the overall process of liberalization in emerging and other countries enabled the foreign insurance companies to enter in those countries & benefited both. Triggered by the sound fundamentals in global economy & internationalization of world markets, several countries turned towards free market regimes in banking and insurance, putting an end to several decade-old state-owned controlled markets. There was a remarkable progress in the Indian insurance industry soon after the acceptance and adaptation of LPG in the year 1991. After 1991, 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 as well as international private insurance players. It is well known fact that the North Eastern Region of the country is lagging behind in all respects and hence the fruits of LPG whether desirably achieved or not is a matter of concern. In this paper an effort is made to study the business of life insurance in the North Eastern Region of India and a comparative assessment of life insurance in the North Eastern Region with respect to all India contexts. Further, effort is also made to highlight the major issues, opportunities and challenges that are facing the life insurer in the North Eastern Region of India in the globalized environment.