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Volume : II, Issue : XI, December - 2012 CREDIT LIFE INSURANCE FOR HOME LOAN CUSTOMERS IN INDIA ASHWIN G. MODI , KUNDAN M PATEL AND KIRAN J PATEL Published By : Laxmi Book Publication Abstract : Insurance market of Asia has higher growth being a developing market.
Especially Life insurance premiums, in emerging Asia grew strongly by 16.8%, in real
terms in 2010 from 10.7% in 2009 and it is expected to grow by around 10.3% in 2011.
India's life insurance premium expected to grow remarkably by 9.5% and 10% in 2011
and 2012 respectively (after adjustment for inflation). The life insurance industry has
affected positively by Bank loan procedures which emphasis on life risk coverage of their
customers. Among different types of customers Home Loan customers has been surely
assured by their policy compulsion.
The credit life insurance is basically a Life insurance product falling under
option of group policy. This paper is an attempt to reveal the less focused area and also
an attempt to focus on opportunities attached with it especially when this policy concern
with home loan customers. The Study also focuses on comparative analysis of different
policies offered by market players in India for housing loan customers. The study
indicates the features availability with credit life insurance increases as newer policies
commencing as per the need of the day. Moreover Variety of features available with
products serves plenty of special needs of Home loan customers like coverage of EMI
payment for period of health issue or disability, insurance coverage during moratorium
period Keywords : Article : Cite This Article : ASHWIN G. MODI , KUNDAN M PATEL AND KIRAN J PATEL, (2012). CREDIT LIFE INSURANCE FOR HOME LOAN CUSTOMERS IN INDIA. Indian Streams Research Journal, Vol. II, Issue. XI, http://oldisrj.lbp.world/UploadedData/1743.pdf References : - Newspaper : Financial Express story: “Innovations in life Insurance Industry”, Mar 30, 2005. Report: Sigma No 2/2011 World Insurance In 2010 Table: IX page 39.
- Report: Jhaveri. Kashyap, Shah Alok, Agrawal Pradeep(2012), “Indian Housing Finance Sector Report” by Emkey 2012.
- Sai Srinivas, Stuart Land, “Credit Life Insurance”, conference paper at 8th global conference of Actuaries 2006 at Mumbai.
- Saravanan, P. (2007), “Recent Experiences in the Housing Finance Sector – A study with Reference to India”, Housing Finance International September 2007, Vol.22 Issue 1, pp 45-48.
- Rastogi shilpa, Sarkar Runa, “Enhancing Competitiveness : the case of the Indian life Insurance Industry”, conference paper at Conference on Global competition & competitiveness of indian corporate 21-23 may 2009.
- Shinde govind, Pati D, Bhalerao Kuldeep (2011), “Journey of Insurance sector in india: since its inception”, Global research Thoughts, Vol 1, issue I pp 1-4. Wesites www.swissre.com/media/news_releases/Swiss_Re_Global_insurance_industry_led_by_doubledigit_ growth_in_emerging_Asia.html
- www.financialexpress.com/news/innovations-in-life-insurance-industry/82568
- http://breport.myiris.com/ESSBL/LICHFINA_20120106.pdf
- www.thinkindia.net.in/2010/08/indian-housing-to-reach-us-150-billion-by-2013-.html
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