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POTENTIAL OF LIFE INSURANCE INDUSTRY IN INDIA

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  POTENTIAL OF LIFE INSURANCE INDUSTRYIN INDIA OBJECTIVESA big boom has been witnessed in Insurance Industry in recent times.A large number of new layers ha!e entered the mar et and are trying to gain mar et share in this raidly imro!ing mar et.The study deals with reliance in focus and the !arious segments that it caters to.The study then goes to e!aluate and analyse the findings so as to resent a clear icture of trends in the Insurance Sector.#ain Ob$ecti!es of the research is to ha!e an analysis of %ife Insurance Industry in India and to show that how it is referred by most of the eole in recent times. #ain Ob$ecti!es are as follows&  History of Indian Insurance Industry   Need and Importance of Insurance  Types of Insurance  Major Players in Indian Insurance Industry  Case study on LIC  Products offered by LIC  Comparative Study on LIC & ICICI policies  To kno t!e most preferred policy    I'T(O)*CTIO' I'S*(A'CE Insurance is one of life s necessities and probably t!e least#understood financial product$Insurance reimburses people for covered losses in t!e event of an unfortunate occurrencesuc! as an illness% accident% or deat!$ t t!e same time% it can encoura'e prevention andsafety measures% provide investment capital% lend money% and !elp to reduce an(iety for society at lar'e$ s a mec!anism a'ainst loss of income and a means of safe'uardin'assets% many Indians !ave insurance in one form or anot!er$ T!ese covera'es may include public covera'e% suc! as disability insurance% a !ealt! care policy from an employer% or  personal insurance to protect property suc! as !omes% computers and cars$)nderstandin' life insurance becomes easier !en one reali*es t!at insurance as aconcept developed to transfer a person s risks to anot!er party% t!ereby protectin' t!einsured person in t!e event of any calamity$)ntil somet!in' !appens% suc! as a car accident% an illness% or t!e deat! of a loved one% payin' for insurance may seem like buyin' somet!in' you ll never use$ +ut even if younever submit a claim% insurance is an investment in your future% as important as pensions ,  and personal investments$ Indeed% many financial planners ar'ue t!at you s!ould !ave anade-uate insurance safety net in place before considerin' investment strate'ies$ .    T+E +ISTO(, O- I')IA' I'S*(A'CE I')*ST(,  The story of insurance is probably as old as the story of mankind.The same instinct that prompts modern businessmen today tosecure themselves against loss and disaster existed inprimitive men also. They too sought to avert the evilconsequences of fire and flood and loss of life and were willingto make some sort of sacrifice in order to achieve security. Though the concept of insurance is largely a development ofthe recent past particularly after the industrial era- past fewcenturies-yet its beginnings date back almost 6000 years.   .. Insurance& A bac ground Historians believe t!at insurance first developed in summer and +abylonia$ T!emerc!ants and traders of t!ese societies transferred and pooled t!eir money to protectt!emselves and pirates$In t!e /0 t!  Century +C% +abylonian kin' Samurai developed a code of la% knon as t!ecode of specific rules 'overnin' t!e practices of early risk s!arin' activities$ Insurancealso developed durin' t!e /122s in t!e Nort! merican colonies$ In /1.2 +enjamin3rank contributed for t!e Insurance of Houses from Loss by fire$4arly development of insurance as unor'ani*ed$ It as mainly insurin' commercialrisks$ T!e insurance in!uman life started in 4n'land in /50.6 for term ssurance for /, mont!s% !ic! as issued for t!e first time$ In /125 amicable society started payin'assurance on deat! a tern carried on unto /151$ In /17, e-uitable society as t!e first co$to start c!ar'in' premium on scientific basis$In India t!e references to insurance !istory relates to t!e 4ast India Co$ !en some policies !ere issued on t!e life of +ruisers in forei'n currency$ 8

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Jul 23, 2017
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