Prospect of Life Insurance Industry in India - A Study

Abstract

Indian Life Insurance Industry has contributed to the financial sector of Indian economy. It provides both social security as well as tax benefit to the policy holders. In this study prospect of Life Insurance Industry over the years 2009-10 to 2018-19 has been highlighted. Indian economy has gone through a bad phase, so Life Insurance Industry does not significantly contribute to the economy. Prospect of Public life insurance company i.e. LICI and 23 private life insurance companies have been shown in this study. From the study, we have seen that total premium collection of life insurance industry has gone up. Market share of LICI has gone down and share of private entrants has gone up. Moreover in this study, we have seen that over the years policy holders still seek for traditional life fund over unit link fund because of less risk associated with traditional fund.