( ISSN 2277 - 9809 (online) ISSN 2348 - 9359 (Print) ) New DOI : 10.32804/IRJMSH

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LIFE INSURANCE SECTOR IN INDIA: A STUDY OF POST REFORM PERIOD

    2 Author(s):  CHANDAN , DR. R.S. ARORA

Vol -  6, Issue- 6 ,         Page(s) : 266 - 281  (2015 ) DOI : https://doi.org/10.32804/IRJMSH

Abstract

The life insurance industry in India has grown both in terms of number and business as a consequent of economic reforms and setting up of IRDA. The entry of the private players in the life insurance market has not only widened the life insurance market but also has infused competition and structural changes in the life insurance industry. The sector specific growth and the growth of life insurance industry after liberalization have been studied in this paper by utilizing the data on number of offices and their expansion, number of policies issued, first year premium and total premium collected by life insurers over time. The study utilizes the secondary data collected from various sources namely annual reports of IRDAI and annual reports of public and private life insurance companies operating in India and covers the period of thirteen years from 2001-02 to 2013-14. The study concludes that the market share of the public sector insurer had gone down due to the entry of private life insurers but the growth of public sector life insurer is more consistent than that of private sector life insurers. The North- eastern States of the country seem to be neglected by life insurance industry of India and therefore more efforts should be made to provide life insurance cover to the people of these states.

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