Volume : V, Issue : V, May - 2016

CURRENT COMPETITION IN LIFE INSURANCE SECTOR OF INDIA

Dr. M. Papa Rao, Dr. R. Nagendra Babu, Dr. T. N. Murthy

Abstract :

 The topic basically revolves around the life insurance sector which has been recently opened for the private players. LIC has for a long period of time has enjoyed a dominant market of life insurance and the fact cannot be denied that LIC has a pre accomplished market leadership which makes it difficult for the new players to compete. While the new players struggle to increase their market in India, LIC continue to leverage advantage of its old establishment and government support for maintaining its growth. Life Insurance is the fastest growing sector in India since 2000 as Government allowed Private players and FDI up to 26%. Life Insurance in India was nationalized by incorporating Life Insurance Corporation (LIC) in 1956. All private life insurance companies at that time were taken over by LIC. In 1993 the Government of Republic of India appointed RN Malhotra Committee to lay down a road map for privatization of the life insurance sector. While the committee submitted its report in 1994, it took another six years before the enabling legislation was passed in the year 2000, legislation amending the Insurance Act of 1938 and legislating the Insurance Regulatory and Development Authority Act of 2000. The same year that the newly appointed insurance regulator and Development Authority IRDA-started issuing licenses to private life insurers.

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Article: Download PDF    DOI : https://www.doi.org/10.36106/gjra  

Cite This Article:

Dr. M. Papa Rao, Dr. R. Nagendra Babu, Dr.T.N.Murthy CURRENT COMPETITION IN LIFE INSURANCE SECTOR OF INDIA Global Journal For Research Analysis, Vol: 5, Issue : 5 MAY 2016

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