A COMPARATIVE STUDY OF HDFC STANDARD LIFE AND ICICI PRUDENTIAL LIFE INSURANCE COMPANY IN INDIA.

MR.THANGA DURAI

Volume : IV, Issue : XII, December - 2015

A COMPARATIVE STUDY OF HDFC STANDARD LIFE AND ICICI PRUDENTIAL LIFE INSURANCE COMPANY IN INDIA.

Mr. Thanga Durai

Abstract :

Indian insurance market was nationalized in 1956 and Life Insurance Corporation of India (LIC) was set up. LIC of India enjoyed monopoly in Indian Insurance market for more than four decades. In 2000 the Insurance sector has liberalized and Insurance Development Regulatory Authority has set up. The private players are allowed to operate in collaboration with the foreign insurance companies. Initially the foreign Direct Investment in insurance sector was restricted to 26% which was lifted to 49% in 2015. After liberalization the private companies has been making remarkable performance and giving a tough fight to LIC to eak the monopoly market condition by taking its market share. This paper focuses the role and performance of ICICI Prudential life and HDFC Standard Life Insurance Company for the period from 2005 to 2013 on parameters such as first year premium received, number of new policies issued, total sum assured, total premium of life insurers, settlement of claims etc.