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Volume : II, Issue : X, November - 2012 A COMPARITIVE STUDY OF PERFORMANCE OF LIC OF INDIA AND PRIVATE LIFE INSURERS ASHOK BANNE DOI : 10.9780/22307850, Published By : Laxmi Book Publication Abstract : Life insurance has become one of the needs of people in the modern era. LIC of
India, since its nationalization in the year 1956 has been playing a very prominent role in
providing financial security to the Indian citizens. LIC of India enjoyed monopoly over
the life insurance segment over a period of almost forty five years. However, the
scenario has changed since 2000. Government of India established Insurance
Regulatory And Development Authority (IRDA) in the year 1999 and permitted the
private life insurers to enter into this segment. The private insurers have completed a
dozen of years in Indian life insurance market. They have started threatening the
Indian giant LIC by capturing its share in the Indian life insurance market. The share of
LIC of India has dropped to 69.78% in the year 2010-11 (100% in 1999).
The life insurance penetration which is the indicator of growth of insurance in
an economy was mere 4.40% in India in the year 2010-11, while, life insurance density
was USD 55.70 in the same year. Both are at very low level as compared to that of
developed countries. Though, the absolute figures of life insurance insurers are in lakhs
of crores rupees, still there is huge potential and they need to tap the potential market.
In view to the above, the paper is an attempt to compare the performance of LIC of India
and the private life insurance companies. Keywords : Article : Cite This Article : ASHOK BANNE, (2012). A COMPARITIVE STUDY OF PERFORMANCE OF LIC OF INDIA AND PRIVATE LIFE INSURERS. Indian Streams Research Journal, Vol. II, Issue. X, DOI : 10.9780/22307850, http://oldisrj.lbp.world/UploadedData/1575.pdf References : - Mathew M.J. 2010,Risk Management and Insurance, Revised Edn, Parnami Ashish, RBSA Publishers,340, Chaura Rasta, Jaipur- 302 003.
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