India’s Standing in Global Life Insurance Market : A Brief Analysis

Abstract

Life insurance is vital for a country's risk management system, financial security and influences the growth of economy. The potential development of sector heavily depends on the efficiency of life insurers that how they are fulfilling the needs and expectations of customers. It helps to change the insights and opinion of the Indian people and to make them aware about insurable risks&benefits of insurance. There was a remarkable improvement in the life insurance industry in post insurance reform period which was featured by entry of private insurers in collaboration foreign giants. Due to this large number of unreached population facilitated with open reach to life insurance policies with limited restrictions. But still, life insurance coverage in Indian economy is quite untapped. Consequently, this paper attempts to examine the status of Indian Life Insurance Industry at world market in terms of premium underwritten, market shares captured.