CHAPTER-1

INTRODUCTION

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INTRODUCTION

The insurance industry of India consists of 57 insurance companies. Among the life
insurers, Life Insurance Corporation is the sole public sector company. Apart from that, among
the non-life insurers there are six public sector insurers. In addition to these, there is sole national
re-insurer, namely, General Insurance Corporation of India. Other stakeholders in Indian Insurance
market include agents, brokers, surveyors and third-party administrators servicing health insurance
claims.

Out of 33 non-disaster protection organizations, five private part safety net providers are enlisted
to guarantee approaches solely in wellbeing, individual mishap and travel protection sections.
They are Star Health and Allied Insurance Company Ltd, Apollo Munich Health Insurance
Company Ltd, Max Bupa Health Insurance Company Ltd. There are two progressively
concentrated back up plans having a place with open division, to be specific, Export Credit
Guarantee Corporation of India for Credit Insurance and Agriculture Insurance Company Ltd for
harvest protection.

Market Size

Government's policy of insuring the uninsured has gradually pushed insurance diffusion in
the country and proliferation of insurance schemes.

Gross premiums written in India reached Rs 5.53 trillion (US$ 94.48 billion) in FY18, with
Rs 4.58 trillion (US$ 71.1 billion) from life insurance and Rs 1.51 trillion (US$ 23.38 billion) from
non-life insurance. Overall insurance penetration (premiums as % of GDP) in India reached 3.69
per cent in 2017 from 2.71 per cent in 2001.

In FY19 (up to August 2018), premium from new life insurance business enlarged 6.20 per
cent year-on-year to Rs 755.88 billion (US$ 11.28 billion). In FY19 (up to July 2018), gross direct
premiums of non-life insurers reached Rs 49,067.47 crore (US$ 7.32 billion), showing a year-on-
year growth rate of 13.91 %.

Investments and Recent Developments

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The following are some of the key funds and growths in the Indian insurance sector.

 In September 2018, HDFC Ergo launched ‘ESecure’ a cyber insurance policy for
individuals.

 Insurance sector companies in India raised around Rs 434.3 billion (US$ 6.7 billion)
through public issues in 2017.

 In 2017, insurance area in India saw 10 merger and acquisition (M&A) deals worth
US$ 903 million.

 India's leading bourse Bombay Stock Exchange (BSE) will set up a joint venture with Ebix
Inc to build a robust insurance distribution network in the country through a new
distribution exchange platform.

Government Initiatives

The Government of India has taken a number of initiatives to boost the insurance industry.
Some of them are as follows:

 National Health Protection Scheme will be launched under Ayushman Bharat to provide
coverage of up to 5 lakh to more than 100 million vulnerable families. The scheme will be
launched on September 25, 2018.

 Over 47.9 million famers were benefitted under Pradhan Mantri Fasal Bima Yojana
(PMFBY) in 2017-18.

 The Insurance Regulatory and Development Authority of India (IRDAI) plans to issue
redesigned initial public offering (IPO) guidelines for insurance companies in India, which
are to looking to divest equity through the IPO route.

 IRDAI has allowed insurers to invest up to 10 per cent in additional tier 1 (AT1) bonds that
are issued by banks to augment their tier 1 capital, in order to expand the pool of eligible
investors for the banks.

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Road Ahead

The future looks promising for the life insurance industry with several changes in
regulatory framework which will lead to further change in the way the industry conducts its
business and engages with its customers.

The overall insurance industry is expected to reach US$ 280 billion by 2020.

Statistic factors, for example, developing white collar class, youthful insurable populace and
developing attention to the requirement for assurance and retirement arranging will bolster the
development of Indian disaster protection.

THEORETICAL BACKGROUND OF THE STUDY

Insurance in India refers to the market for insurance in India which covers both the public
and private sector organisations. It is listed in the Constitution of India in the Seventh Schedule as
a Union List subject, meaning it can only be legislated by the Central government.

The protection division has experienced various stages by enabling privately owned
businesses to request protection and furthermore permitting remote direct speculation. India
allowed private companies in insurance sector in 2000, setting a limit on FDI to 26%, which was
increased to 49% in 2014. Since the privatisation in 2001, the largest life-insurance company in
India, Life Insurance Corporation of India has seen its market share slowly slipping to private
giants like HDFC Life Insurance, Exide Life Insurance, ICICI Prudential Life Insuranceand SBI
Life Insurance Company

History

Insurance in its current form has its history dating back until 1818, when Oriental Life
Insurance Company was started by Anita Bhavsar in Kolkata to cater to the needs of European
community. The pre-independence era in India saw discrimination between the lives of foreigners
(English) and Indians with higher premiums being charged for the latter. In 1870, Bombay Mutual
Life Assurance Society became the first Indian insurer.

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 At the beginning of the twentieth century, numerous insurance agencies were established.
In the year 1912, the Life Insurance Companies Act and the Provident Fund Act were passed to
direct the protection business. The Life Insurance Companies Act, 1912 made it essential that the
superior rate tables and periodical valuations of organizations ought to be ensured by a statistician.
Be that as it may, the difference still existed as separation among Indian and outside organizations.
The most established existing insurance agency in India is the National Insurance Company, which
was established in 1906, is still in business.

The Government of India issued an Ordinance on 19 January 1956 nationalizing the Life
Insurance area and Life Insurance Corporation appeared around the same time. The Life Insurance
Corporation (LIC) ingested 154 Indian, 16 non-Indian safety net providers as likewise 75 provident
social orders—245 Indian and remote back up plans on the whole. In 1972 with the General
Insurance Business (Nationalization) Act was passed by the Indian Parliament, and thusly, General
Insurance business was nationalized with impact from 1 January 1973. 107 back up plans were
amalgamated and assembled into four organizations, to be specific National Insurance Company
Ltd., the New India Assurance Company Ltd., the Oriental Insurance Company Ltd and the United
India Insurance Company Ltd. The General Insurance Corporation of India was consolidated as
an organization in 1971 and it start business on 1 January 1973.

The LIC had imposing business model till the late 90s when the Insurance division was
revived to the private part. Prior to that, the industry comprised of just two state back up plans:
Life Insurers (Life Insurance Corporation of India, LIC) and General Insurers (General Insurance
Corporation of India, GIC). GIC had four subsidiary companies. With effect from December 2000,
these subsidiaries have been de-linked from the parent company and were set up as independent
insurance companies: Oriental Insurance Company Limited, New India Assurance Company
Limited, National Insurance Company Limited and United India Insurance Company.

Industry structure

The Confederation of Indian Industry states that the insurance sector of the country has
been witnessing a consistent growth rate of late and its present worth is 41 billion US dollars.

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 The industry has of late achieved a yearly growth rate within 32 and 34 percent and this
makes it the 5th best among emerging economies around the world. The various entities of the
industry are also bringing out newer products on a regular basis to attract their customers.

As per rules, the upper limit of foreign direct investment permitted in this sector is 26 percent.
However, this has to be done through the automatic route and the investor needs a license from
Insurance Regulatory and Development Authority (IRDA).

At present there are 22 life insurers in India. The IRDA has recently taken away the tariffs
of the interest rates and this has provided insurers greater independence when it comes to deciding
the price of their insurance policies. The insurance industry has also become more competitive as
a result.

Yet another important factor affecting this sector has been the recent financial meltdown.

India insurance industry growth in last few years

The life insurance companies have performed the best when it comes to growth with an
increase of almost 70% in new premium that has been collected in the initial 5 months of 2012.

As per IRDA data, in April-August 2010 the insurance companies earned $11.73 billion in
new premium - in the corresponding period in the previous year the amount stood at 6.9 billion
dollars.

LIC, a state held insurer, had been the biggest profit maker at that time with an addition of
88% to their existing business. The privately owned insurers together had seen a leap of 34% to
their policy sales.

ICICI Prudential earned 576.60 million dollars at that time. During April-August 2009 SBI
Life had earned $379.20 million in sales of new policies and that figure went up to $531.87 million
in the corresponding period in 2010 making it an increase of 40%. HDFC Standard Life also
experienced a good growth of 54% in new sales.

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 IRDA data shows that between April and October 2010 the general insurance industry
experienced a year-on-year growth of 22.76% with regards to underwritten gross premium.

The total value of that premium was 5.29 billion dollars while the same figure stood at
$4.31 billion in April-October 2009. For the public sector companies the year-on-year growth rate
was 21.09 percent between April-October 2010 and April-October 2009.

In the same period the privately held insurers saw an increase of 25.19 percent in terms of
premium collected. Among the publicly owned entities, New India Insurance was one of the better
performers with a premium income of 916.77 million dollars in April-October 2010.

At the same period in 2009 they had earned 770.25 million dollars which implies a growth
rate of 19.04%. The IRDA Summary Report of Motor Data of Public and Private Sector Insurers
2009-10 states that in the same period almost 28.4 million policies were sold and the aggregate
worth of premium collected was $2.31 billion.

The health insurance sector, according to the RNCOS' research report named "Booming
Health Insurance in India" posted unprecedented growth rates in 2008-09 and 2009-10. The report
also estimates that between the 2009-10 and 2013-14 the sector would see a compound annual
growth rate (CAGR) of at least 25%.

India insurance industry composition

As per IRDA, the composition of the Indian insurance industry by March 2018 could be
mentioned as such:

Following is an approximate representation of the product composition of India's insurance

industry:

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General insurance

Product Percentage

Engineering 4

Motor OD 27.63

Motor TP 14.94

Health 22.58

Aviation 1.08

Liability 2.40

Personal accident 2.63

Fire 10.91

Marine 5.97

Others 7.37

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Life insurance

Product Percentage

Non linked life individual 21.70

Non linked gen annuity group 4.33

Non linked gen annuity individual 0.85

Non linked pension group 4.22

Non linked pension individual 0.25

Non linked health 0.09

Linked insurance 55.01

Riders 0.01

Linked life group 13.54

India insurance industry major problems

Following are some of the major problems plaguing the insurance industry in India:

 Focus on actuarial pricing

 Regulatory misunderstanding

 Investment regulations

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  Solvency regulation

 Claims settlement procedures

 Data clarity

 Distribution channel issues

India insurance industry contribution to GDP

Experts are of the opinion that around the world the insurance industry contributes around
4.5% to national GDPs. They have questioned the logicality of opinions that in India the
contribution can be higher saying that there are other important sectors like education, defense,
and health that cannot be undermined in this context.

They have ruled out possibilities that the sector can contribute 10% to India's GDP. The
Chairman of IRDA, Hari Narayan has ruled out any such possibility asking if India's GDP growth
will be that much in the next few years ahead.

The IRDA states that in India land and gold are more preferred as forms of investment.
Narayan feels that if the insurance sector is to do well in terms of contribution to GDP then more
people should be convinced about its capability to provide good ROI (return on investment).

Why are more people taking insurance policies?

One of the major reasons for an increasing number of people availing insurance policies in
India is the growing level of awareness. People nowadays value their lives, their health, and their
families even more than before given the tough economic circumstances and so want to make sure
that everything is fine even if they are not there.

Yet another reason for the growing popularity of insurance policies is the benefit of tax
exemption that is provided to family oriented and individual plans. Majority of the private insurers
also provide lucrative returns and are now being availed by a section of the Indian society with
greater disposable earnings.

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 There is an aspect of psychological comfort attached to the insurance policies as well -
whenever an insurance is availed the policyholder can be more or less assured of a safe future for
that particular part of his or her life.

By 2012 Indian Insurance is a US$72 billion industry. However, only two million people
(0.2% of the total population of 1 billion) are covered under Mediclaim. With more and more
private companies in the sector, this situation is expected to change. ECGC, ESIC and AIC provide
insurance services for niche markets. So, their scope is limited by legislation but enjoy some
special powers.

The majority of Western Countries have state run medical systems so have less need for
medical insurance. In the UK, for example, the corporate cover of employees, when added to the
individual purchase of coverage gives approximately 11–12% of the population on cover - due
largely to usage of the state financed National Health Service (NHS), whereas in developed nations
with a more limited state system, like USA, about 75% of the total population are covered under
some insurance scheme.

Insurance repository

On 16 September 2013, IRDA launched "insurance repository" services in India. It is a

unique concept and first to be introduced in India. This system enables policy holders to buy and
keep insurance policies in dematerialised or electronic form. Policy holders can hold all their
insurance policies in an electronic format in a single account called electronic insurance account
(eIA). Insurance Regulatory and Development Authority of India has issued licences to five
entities to act as Insurance Repository:

CDSL Insurance Repository Limited ( CDSL IR ) , SHCIL Projects Limited Karvy Insurance
repository Limited NSDL Database Management Limited CAMS Repository Services Limited

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 CHAPTER-2

COMPANY PROFILE

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COMPANY PROFILE

Consistently we wake up to the way that in excess of 250 million lives are a piece of our family
called LIC.

We are lowered by the greatness of the duty we convey and understand the lives that are related
with us are entirely significant surely.

In spite of the fact that this adventure began once again six decades prior, we are as yet aware of
the way that, while protection might be a business for us, being a piece of a large number of lives
each day for as far back as 61 years has been a procedure called TRUST.

A genuine adventure Of Trust.

Brief History Of Insurance

The narrative of protection is presumably as old as the tale of humankind. A similar intuition that
prompts present day representatives today to anchor themselves against misfortune and fiasco
existed in crude men moreover. They too looked to even consider averting the shrewd results of
flame and surge and death toll and were ready to make a type of forfeit so as to accomplish security.
In spite of the fact that the idea of protection is to a great extent an improvement of the ongoing
past, especially after the modern time – recent 100s of years – yet its beginnings go back right
around 6000 years.

Extra security in its advanced frame came to India from England in the year 1818. Oriental Life
Insurance Company begun by Europeans in Calcutta was the principal extra security organization
on Indian Soil. All the insurance agencies built up amid that period were raised with the motivation
behind taking care of the requirements of European people group and Indian locals were not being
guaranteed by these organizations.

Be that as it may, later with the endeavors of famous individuals like Babu Muttylal Seal, the
remote extra security organizations began protecting Indian lives. In any case, Indian lives were
being treated as sub-standard lives and overwhelming additional premiums were being charged on
them. Bombay Mutual Life Assurance Society proclaimed the introduction of first Indian life
coverage organization in the year 1870, and secured Indian lives at typical rates. Beginning as

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Indian venture with profoundly devoted thought processes, insurance agencies appeared to convey
the message of protection and government disability through protection to different parts of society.
Bharat Insurance Company (1896) was likewise one of such organizations motivated by patriotism.
The Swadeshi development of 1905-1907 offered ascend to more insurance agencies. The United
India in Madras, National Indian and National Insurance in Calcutta and the Co-agent Assurance
at Lahore were set up in 1906. In 1907, Hindustan Co-agent Insurance Company took its
introduction to the world in one of the rooms of the Jorasanko, place of the incredible writer
Rabindranath Tagore, in Calcutta.

The Indian Mercantile, General Assurance and Swadeshi Life (later Bombay Life) were a portion
of the organizations built up amid a similar period. Before 1912 India had no enactment to control
protection business. In the year 1912, the Life Insurance Companies Act, and the Provident Fund
Act were passed. The Life Insurance Companies Act, 1912 made it essential that the top notch rate
tables and periodical valuations of organizations ought to be guaranteed by a statistician. Be that
as it may, the Act separated among outside and Indian organizations on numerous records, putting
the Indian organizations off guard.

he initial two many years of the twentieth century saw part of development in protection business.
From 44 organizations with aggregate business-in-constrain as Rs.22.44 crore, it rose to 176
organizations with aggregate business-in-compel as Rs.298 crore in 1938. Amid the mushrooming
of insurance agencies numerous fiscally unsound concerns were likewise drifted which flopped
pitiably. The Insurance Act 1938 was the main enactment overseeing extra security as well as non-
life coverage to give strict state authority over protection business.

The interest for nationalization of extra security industry was made over and over previously yet
it accumulated energy in 1944 when a bill to correct the Life Insurance Act 1938 was presented in
the Legislative Assembly. In any case, it was a lot later on the nineteenth of January, 1956, that
extra security in India was nationalized. Around 154 Indian insurance agencies, 16 non-Indian
organizations and 75 provident were working in India at the season of nationalization.

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Nationalization was practiced in two phases; at first the administration of the organizations was
assumed control by methods for an Ordinance, and later, the proprietorship also by methods for a
thorough bill. The Parliament of India passed the Life Insurance Corporation Act on the nineteenth
of June 1956, and the Life Insurance Corporation of India was made on first Sep, 1956, with the
target of spreading disaster protection substantially more generally and specifically to the rustic
zones with a view to contact every insurable individual in the nation, giving them sufficient money
related take care of at a sensible expense.

LIC had 5 zonal workplaces, 33 divisional workplaces and 212 branch workplaces, aside from its
corporate office in the year 1956. Since disaster protection contracts are long haul contracts and
amid the cash of the strategy it requires an assortment of administrations require was felt in the
later years to grow the tasks and place a branch office at each region headquarter. Re-association
of LIC occurred and expansive quantities of new branch workplaces were opened. Because of re-
association overhauling capacities were exchanged to the branches, and branches were made
bookkeeping units. It worked ponders with the execution of the organization.

Today LIC capacities with 2048 completely modernized branch workplaces. LIC's ECS and ATM
premium installment office is an expansion to client accommodation. Aside from on-line Kiosks
and IVRS, Info Centers have been authorized at Mumbai, Ahmedabad, Bangalore, Chennai,
Hyderabad, Kolkata, New Delhi, Pune and numerous different urban areas. With a dream of giving
simple access to its policyholders, LIC has propelled its SATELLITE SAMPARK workplaces.
The satellite workplaces are littler, more slender and closer to the client. The digitalized records
of the satellite workplaces will encourage anyplace overhauling and numerous different comforts
later on.

LIC keeps on being the overwhelming life back up plan even in the changed situation of Indian
protection and is moving quick on another development direction outperforming its very own past
records. It has crossed the achievement of issuing 1,01,32,955 new strategies by fifteenth Oct,
2005, posting a solid development rate of 16.67% over the comparing time of the earlier year.

From that point to now, LIC has crossed numerous achievements and has set extraordinary
execution records in different parts of disaster protection business. Similar thought processes
which propelled our progenitors to acquire protection into reality this nation move us at LIC to

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take this message of assurance to light the lights of security in whatever number homes as could
be expected under the circumstances and to help the general population in giving security to their
families. Some of the important milestones in the life insurance business in India are:

1818: Oriental Life Insurance Company, the primary disaster protection organization on
Indian soil began working.

1870: Bombay Mutual Life Assurance Society, the main Indian life coverage organization
began its business.

1912: The Indian Life Assurance Companies Act sanctioned as the principal rule to manage
the extra security business.

1928: The Indian Insurance Companies Act ordered to empower the administration to
gather factual data about both life and non-life coverage organizations.

1938: Earlier enactment solidified and corrected to by the Insurance Act with the target of
securing the interests of the guaranteeing open.

1956: 245 Indian and remote back up plans and provident social orders are assumed control
by the focal government and nationalized. LIC framed by an Act of Parliament, viz. LIC Act, 1956,
with a capital commitment of Rs. 5 crores from the Government of India.

The General protection business in India, then again, can follow its underlying foundations
to the Triton Insurance Company Ltd., the main general insurance agency built up in the year 1850
in Calcutta by the British.

Some of the important milestones in the general insurance business in India are :

1907: The Indian Mercantile Insurance Ltd. set up, the primary organization to execute all
classes of general protection business.

1957: General Insurance Council, a wing of the Insurance Association of India, outlines an
implicit rules for guaranteeing reasonable direct and sound business rehearses.

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 1968: The Insurance Act altered to direct ventures and set least dissolvability edges and
the Tariff Advisory Committee set up.

1972: The General Insurance Business (Nationalization) Act, 1972 nationalized the general
protection business in India with impact from first January 1973.

107 safety net providers amalgamated and assembled into four organizations viz. the
National Insurance Company Ltd., the New India Assurance Company Ltd., the Oriental Insurance
Company Ltd. also, the United India Insurance Company Ltd. GIC joined as an organization.

Objectives Of LIC

Spread Life Insurance broadly and specifically to the rustic zones and to the socially and
monetarily in reverse classes with a view to contacting every single insurable individual in the
nation and giving them sufficient money related cover against death at a sensible expense.

Maximize activation of individuals' investment funds by making protection connected

reserve funds satisfactorily alluring.

Bear as a main priority, in the speculation of assets, the essential commitment to its
policyholders, whose cash it holds in trust, without dismissing the enthusiasm of the network
overall; the assets to be sent to the best preferred standpoint of the speculators and in addition the
network all in all, keeping in view national needs and commitments of appealing return.

Conduct business with most extreme economy and with the full acknowledgment that the
funds have a place with the policyholders.

Act as trustees of the protected open in their individual and aggregate limits.

Meet the different disaster protection needs of the network that would emerge in the
changing social and monetary condition.

Involve all individuals working in the Corporation to the best of their ability in encouraging
the interests of the protected open by giving proficient administration obligingness.

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 Promote among all specialists and representatives of the Corporation a feeling of interest,
pride and employment fulfillment through release of their obligations with devotion towards
accomplishment of Corporate Objective.

Mission

"Ensure and enhance the quality of life of people through financial security by providing
products and services of aspired attributes with competitive returns, and by rendering resources
for economic development."

Vision

"A trans-nationally competitive financial conglomerate of significance to societies and

Pride of India."

Board Of Directors

Members On The Board Of The Corporation

» Shri V K Sharma ( Chairman )

» Smt Usha Sangwan ( Managing Director, LIC of India)

» Shri Hemant Bhargava, ( Managing Director, LIC of India)

» Shri B. Venugopal, (Managing Director, LIC of India)

» Smt. Sunita Sharma, (Managing Director, LIC of India)

» Shri Subhash Chandra Garg, Secretary, DEA

» Shri Girish Chandra Murmu, Additional Secretary (Banking)

» Shri Ashwani Kumar, Chairman and Managing Director, Dena Bank

» Mrs Alice G Vaidyan, Chairman-cum-Managing Director, GIC of India

» Shri B. Chakrabarti, Non-Official Member

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 » Shri R.N. Chaturvedi, Non-Official Member

» Shri R.Chandrasekaran, Non-Official Member

Operations

We operate all over India

Information Technology And LIC

LIC has been one of the spearheading associations in India who presented the use of Information
Technology in overhauling and in their business. Information relating to right around 10 crore
arrangements is being hung on PCs in LIC. We have gone in for important and fitting innovation
throughout the years.

1964 saw the presentation of PCs in LIC. Unit Record Machines presented in late 1950's were
eliminated in 1980's and supplanted by Microprocessors based PCs in Branch and Divisional
Offices for Back Office Computerization. Institutionalization of Hardware and Software initiated
in 1990's. Standard Computer Packages were created and executed for Ordinary and Salary
Savings Scheme (SSS) Policies.

FRONT END OPERATIONS

With a view to upgrading client responsiveness and administrations , in July 1995, LIC began a
drive of On Line Service to Policyholders and Agents through Computer. This on line benefit
empowered policyholders to get quick approach status report , provoke acknowledgment of their
premium and get Revival Quotation, Loan Quotation on interest. Joining change of location should
be possible on line. Speedier culmination of proposition and dispatch of arrangement archives have
turned into a reality. All our 2048 branches the nation over have been secured under front-end
activities. In this way the entirety of our 100 divisional workplaces have accomplished the
qualification of 100% branch computerisation. New installment related Modules relating to both
common and SSS strategies have been added to the Front End Package taking into account Loan,
Claims and Development Officers' Appraisal. Every one of these modules help to decrease time-
slack and guarantee precision.

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METRO AREA NETWORK

A Metropolitan Area Network, interfacing 74 branches in Mumbai was authorized in November,

1997, empowering policyholders in Mumbai to pay their Premium or get their Status Report,
Surrender Value Quotation, Loan Quotation and so forth from ANY Branch in the city. The System
has been working effectively. In excess of 10,000 exchanges are completed over this Network on
some random working day. Such Networks have been executed in different urban areas too.

WIDE AREA NETWORK

Each of the 7 Zonal Offices and all the MAN focuses are associated through a Wide Area Network
(WAN). This will empower a client to see his arrangement information and pay premium from
any part of any MAN city. As at November 2005, we have 91 focuses in India with in excess of
2035 branches arranged under WAN.

Intuitive VOICE RESPONSE SYSTEMS (IVRS)

IVRS has just been made useful in 59 focuses everywhere throughout the nation. would empower
clients to ring up LIC and get data (e.g. next premium due, Status, Loan Amount, Maturity
installment due, Accumulated Bonus and so forth.) about their arrangements on the phone. This
data could likewise be faxed on interest to the client.

LIC ON THE INTERNET

Our Internet website is a data bank. We have shown data about LIC and its workplaces .Efforts
are on to redesign our site to make it dynamic and interactive.The addresses/email Ids of ur Zonal
Offices, Zonal Training Centers, Management Development Center, Overseas Branches,
Divisional Offices and furthermore all Branch Offices with a view to accelerate the
correspondence procedure.

PAYMENT OF PREMIUM AND POLICY STATUS ON INTERNET

LIC has given its policyholders a unique facility to pay premiums through Internet
absolutely free and also view their policy details on Internet premium payments.There are 11
service providers with whom L I C has signed the agreement to provide this service.

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Awards and Achievements

Awards Received in 2010-11

CNBC Awaz Consumer Award

ET Brand Equity Award for Top Brand in Insurance Category

Outlook Money Award for Best Life Insurer

AIMA High Performance Award

Readers Digest Trusted Brand

Golden Peacock Award for Corporate Governance

Power Brand Award

Global Youth Marketing Award for Most preferred Life Insurance Company

Shoppers & Consumers Insight Award

MY FM Stars of Industry Award for Excellence in Life Insurance

Awards Received in 2012-13

NDTV PROFIT BUSINESS LEADERSHIP AWARD 2012

CONSUMER Superbrand AWARD

OutlookMoney AWARD FOR BEST LIFE INSURER 2012

Instt of Public Enterprise BFSI Award - Best Employer Brand

7th Indy's Award for Best in Media Category

Indy's Award for Most Creative Ad (TV) in BFSI (Silver)

Awards Received in 2013-14

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 The Indian Insurance Awards 2013 - Underserved market penetration

ABP NEWS GLOBAL CSR EXCELLENCE & LEADERSHIP AWARDS 2014

Outlook Money Award - Best Life Insurance Provider

Awards Received in 2014-15

Child Magazine Most Popular awards 2014

2nd Bright Awards

54th ABCI - Bronze for photofeature in Yogakshema magazine

BFSI Leadership - LIC GJF

Website of the year India Awards - Most Popular Website

Outlook Money Best Life Insurer

Awards Received in 2015-16

The-Indian-Insurance-Award-2015

The-Indian-Insurance-Award-2015

Greentech-CSR-Award

ABP-BE_Award

Lokmat-Corporate-Excellence-Award

Golden-Peacock-Award-National-Training-2016

Awards Received in 2015-16

Awards Received in 2016-17

1- Greentech HR Award 2016

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2-India's Brand No 1 Awards 2016

3-Dainik Bhaskar Awards 2015-16

10-D&B BFSI Awards 2016

11-Superbrands 2016

12-Money Today Financial Awards

19-Brand Icon

20-My FM Stars of the Industry Awards

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 CHAPTER-3

RESEARCH DESIGN AND LITERATURE REVIEW

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LITERATURE REVIEW AND RESEARCH DESIGN

REVIEW OF LITERATURE

Harold D. Skipper (2000) in his paper explains the terms liberalisation and deregulation.
Liberalisation means the process by which the government take actions to move towards liberal
markets. It denotes a reduction of government barriers to market access, especially as relates to
foreign insurers. A liberal insurance market is one which determines:-

1. who should be allowed to sell insurance?

2. what products should be sold ?

3. how the products should be sold ?

4. at what price the products should be sold?

Thitivadee Boonyasai, Grace and Skipper (1999) in their investigation inspected the
impacts of progression and deregulation on the effectiveness of life back up plans in chosen Asian
extra security markets. The life coverage industries chose for examination are those of Korea,
Philippines, Taiwan and Thailand. Korea and Philippines attempted humble advancement and
deregulation endeavors amid the time of 1990's, however Taiwan and Thailand embraced no
deregulation.

Mathur (2003) has the opinion that joint efforts need to be made by all insurance operators to
extend coverage to millions of insurable people who need insurance and points out the need for
promoting different distribution channels for expanding rural insurance market. LIC has
contributed immensely to the process of economic development through its multi dimensional
activities and services over twelve crore policies which is a record for any life insurance company
in the world.

Gupta and Chuganee (2001) in their article specify the major steps to be taken by the LIC
in order to compete with the new players. The opening up of the insurance sector has challenged
the monopoly of the LIC and in order to withstand competition LIC has to take steps in the areas

Page | 25
of products, services and information technology. The excess workforce in the LIC should be
utilised in raising business volumes through skill upgradation.

S.B Mathur (2002) mentions the challenges that LIC faces from new entrants having sound
background and high brand equity. He also expresses doubts about the ethics of new players who
may focus on those areas not covered by LIC. The development officers of LIC must work
carefully to ensure that the people are not weaned away from LIC.

Kundu (2003) in his article discusses the various issues in the insurance industry after the
entry of new players. India has a low insurance penetration of 1.95 percent. The saving rate in
India is 25 percent but only less than five percent is spent on insurance. The market is witnessing
a wide array of products from new players. The profile of the consumer is also changing. People
are looking for integrated financial solutions that can offer stability of return along with total
protection.

Kumar (2003) examines the various issues relating to insurance business in India like
liberalisation, privatisation, regulatory issues and future possibilities. He points out the importance
of insurance in promoting saving habits and providing safety to rural and urban enterprises and
generation of funds for infrastructure building. Foreign companies are required in this vital sector.
Even after liberalisation, nationalised players will continue to hold strong market share positions
but there will be enough business for new entrants to be profitable.

P.S Palande, R.S. Shah and M.L. Lunawat (2003) identify the key transformations that are
going to exert a tremendous influence on the insurance industry. They point out that non-life
insurance is a barometer of industrial growth and life insurance is a barometer of the saving habit
of the general population. At present there is a wide assortment of items in both life and non-life
areas. The LIC's range incorporates around 60 items and general insurance agencies have a scope
of 150 items. They imagined that the progression scene would be set apart by the accompanying
improvements.

1. The character of the business will change in the wake of progress from a controlled to an
opposition driven market.

2. There will be new players. The remote guarantors will enter through the joint endeavor course.

Page | 26
3. The scope of items and administrations offered will enlarge.

4. The business will be nearly regulated.

5. The public area units will seriously have to set about preparing themselves to face competition.

Sen (2006) analysed the Indian life insurance industry after the privatisation of the
insurance market. The entry of private firms will raise both price competition and service
competition. The study concludes that there is a hint of movement towards a more competitive
regime but there is a good level of competition among the private companies to capture market
share.

S. Krishnamurthy (2005) points out that the life insurance industry has shown extremely
satisfactory results in terms of premium income and new policies sold but a huge potential still
remains unexploited. Experience suggests that consumers still favour insurance as a saving tool.
There is a need to change the perception of Indian consumers towards insurance and it is the
responsibility of the distribution channel to advise and educate consumers

Geetanjali Mehlwal (2006) in her article describes the insurance market as it exists today,
its growth potential and the incentive to private insurers from world over. The study suggests that
after liberalization of the insurance industry in March 2000, there has been consistent development
and the present potential premium salary of the nation is evaluated at $80 billion. India is viewed
as the 6th biggest market on the planet. In India 80 % of the populace stays without life coverage
and just 2.5 % of the nation's insurable populace is right now protected. In spite of the fact that
LIC has been in the nation for quite a while, it didn't tap a great part of the rustic market. It for the
most part focused on blessing and cash back strategies. The private protection has gained great
ground in spite of the presence of open segment players. Therefore, there is a decrease in the new
premium business of LIC.

Prakash Rao B.K.S. what's more, Bh.Venkateswara Rao (2005) have made an endeavor to inspect
the open doors for safety net providers in the provincial market. They call attention to that the new
organizations went into protection business after progression concentrated principally in urban
territories

Page | 27
RESEARCH DESIGN

TITLE OF THE STUDY

“A comparative study of product of Reliance life insurance company with other private
and public insurance companies”.

STATEMENT OF THE PROBLEM

The Life Insurance market in India was an under developed market that was only tapped
by the state owned LIC till the entry of private back up plans. Protection industry, as on 1.4.2000,
contained for the most part two players: the state guarantors – Life Insurance Corporation of India
and General Insurers, the General Insurance Corporation of India. In India, protection is commonly
considered as an expense sparing gadget rather than its other suggested long-haul monetary
advantages. Indian individuals are inclined to putting resources into properties and gold pursued
by protection speculation.

They specifically put resources into offers additionally, yet the rate is little. Indeed, even right up
'til today, Life Insurance Corporation of India overwhelms Indian protection segment. The
Reliance Insurance organization had the issue of making the clients of Life protection mindful
about the diverse arrangements, their highpoints and distinctive plans of and how their tactic is
any superior to alternate players in the business. Consequently, this examination think about goes
for understanding the diverse strategies and highlights of Reliance Insurance Company in
comparison with other players in the market.

OBJECTIVES OF THE STUDY:

1. To study the performance of the select life insurance products based on interest adjusted
net payment cost index.
2. To carry out a comparative study based on return and risk of select insurance products
3. To offer suggestions based on the study conducted

RESEARCH METHODOLOGY

Page | 28
 Research methodology is a way to systematically solve the research problem. It is
understood as science of studying how research is done scientifically. It guides and analyzes the
various steps of the research along with the logic behind them. It is the framework, which specifies
the type of information to be collected, sources of information and the techniques for data analysis.

The data collected for the study of the project involves both the primary and secondary
source of data. The primary data collected is mainly based on the observations and interaction
made with the agents and customers. And the secondary data is collected through various sources
such as fact sheets, pamphlets, magazines, newspaper and from the websites of the respective.

DATA COLLECTION

SECONDARY DATA

The fact sheets are issued by the Reliance Insurance Company updated periodically on the
various information of the schemes. It involves portfolio of the Life insurance scheme, sectoral
allocation, performance compared to their benchmarks over a period of time etc acted as a
complete profile about the facts and features of the various Insurance schemes of the Reliance
Insurance company

SAMPLE DESIGN

SAMPLE

The study will compare Reliance life insurance (Nippon life insurance) with one private insurance
product Star life insurance and one public insurance product LIC ( New Jeevan Anand).

 Reliance life insurance (Nippon life insurance)

 Star life insurance
 LIC ( New Jeevan Anand)

PLAN OF ANALYSIS

Page | 29
 Comparison of life insurance companies will be carried out with the following techniques

 Traditional net cost

 Interest adjusted net surrender cost index
 Interest adjusted net payment cost index
 Equal outlay
 Cash accumulation

CHAPTER SCHEME

Chapter 1: Introduction

Chapter 2: Review of Literature and Research Design

Chapter 3: Company Profile

Chapter 4: Data Analysis and interpretation

Chapter 5: Findings Conclusions & Suggestions

Bibliography

Page | 30
 CHAPTER-4

DATA ANALYSIS AND INTERPRETATION

Page | 31
1.Gross Premiums written in India ((Rs billion)

TABLE.1

Life Insurance Non – life insurance

2018 4219.8 1287

2017 3547.7 929.5

2016 4015.7 903.5

2015 3380 845

2014 3380 780

Page | 32
GRAPH.1

Chart Title
6000

5000 1287
903.5
4000 929.5
845 780

3000

2000 4219.8 4015.7

3547.7 3380 3380

1000

0
2018 2017 2016 2015 2014

Life Insurance Non – life insurance

Interpretation: The above graph shows that the gross premiums written down for Life insurance
has increased slightly for the current year when compared to the previous years. That is the same
case with the non life insurance also.

Page | 33
2.Growth in Life Insurance Premium (Rs billion)

TABLE.2

Private Public

2018 1190.15 3029.65

2017 975 2574

2016 975 2554.5

2015 845 2535

2014 910 2470

Page | 34
GRAPH.2

Chart Title
4500

4000

3500

3000
3029.65
2500
2574 2554.5 2470
2000 2535

1500

1000

500 1190.15 975 975 845 910

0
2018 2017 2016 2015 2014

Private Public

Interpretation : The life insurance market grew from 682.5 billion in FY02 to 4219.8 billion in
FY18. During 2017-18, private sector life insurers recorded premium of Rs 1.18 trillion while LIC,
the only public sector life insurer recorded premium of Rs 3 trillion. Over FY02–18, life insurance
premiums expanded at a CAGR of 13.28 per cent. In August 2018, the Life Insurance industry
reported a 19 per cent growth in overall annualised premium equivalent with the help of both
private players and Life Insurance Corporation . The life insurance industry has the potential to
grow 2-2.5 times by 2020 in spite of multiple challenges supported by long-term trends and
fundamentals underlying household savings.

Page | 35
3.Insurance Penetration and Density

TABLE.3

Penetration Density

2018 2.72 46.5

2017 2.72 43.2

2016 2.6 44

2015 3.1 41

2014 3.17 42.7

Page | 36
GRAPH.3

60

50

40

30
46.5 44 42.7
43.2 41
20

10

0 2.72 2.72 2.6 3.1 3.17

2016 2015 2014 2013 2012

Penetration Density

Interpretation : Life insurance penetration reached 2.72 per cent in 2018. Life insurance density in
India increased from 2158 in 2006 to 3022.5 in 2018.

Page | 37
4.Share of Public Sector and Private sector insurers for year 2005 and 2018

TABLE.4

Public Sector Private Sector

2005 98% 2%

2018 71.06% 28.93%

GRAPH.4

2005
2%

98%

Public Sector Private Sector

Interpretation : From the above graph we can see that the insurance from public sector insurers
was 98% and for the private sector insurance it was only 2% in the financial year of 2005.

Page | 38
GRAPH.5

2018

Public Sector Private Sector

Interpretation : Over the years, share of private sector in life insurance segment has grown from
around 2 per cent in FY03 to 29.6 per cent in FY17. The share of private life insurers is estimated
at 28.93 per cent in FY18.

Page | 39
5.Market Share of Major companies in terms of premium collected for year 2018

TABLE.5

Percentage Share

LIC 71.07%

ICICI 4.49%

HDFC 4.97%

SBI Life 5.80%

Others 13.67%

Page | 40
GRAPH.6

Percentage Share

13.67%
5.80%
4.97%
4.49%

71.07%

LIC ICICI HDFC SBI Life Others

Interpretation : As of November 2018, life insurance sector had 23 private players in comparison
to only 4 in FY02. With 71.07 per cent share market share in FY18, LIC continues to be the market
leader, followed by ICICI Prudential.

Page | 41
6.Total premium comparison of LIC and Reliance Nippon life insurance and Star Health
Insurance

TABLE.6

LIC Reliance Nippon Star Health

2018 246912 4,398 416

2017 210799 4,027 387

Page | 42
GRAPH.7

Total Premiums
300000

246912
250000
210799
200000

150000

100000

50000
4,398 416 4,027 387
0
2018 2017

LIC Reliance Nippon Star Health

Interpretation: From the above graph we can see that the total premium collected for the Reliance
Nippon life insurance is in nowhere comparable to the total premiums of LIC.

Page | 43
7.Premium Renewals comparison of LIC and Reliance Nippon and Star Health Insurance

TABLE.7

LIC Reliance Nippon Star Health

2018 158177 2,840 296

2017 148404 2,975 248

GRAPH.8

Renewal of premiums
180000
158177
160000 148404
140000

120000

100000

80000

60000

40000

20000
2,840 296 2,975 248
0
2018 2017

LIC Reliance Nippon Star Health

Interpretation: The above graph shows the total premiums renews for the two financial years
ending 2017 and 2018 for the LIC of India and the Reliance Nippon life insurance.

Page | 44
8.Policy Payments of LIC, Reliance Nippon and Star Health Insurance in 2018

TABLE.8

LIC Reliance Nippon Star Health

Maturity 102065 8839 833

GRAPH.9

120000

102065
100000

80000

60000

40000

20000
8839
833
0
Maturity

LIC Reliance Nippon Star Health

Interpretation :From the above graph we can see that the LIC policy payouts are the highest at
about 102065 for the year 2018 and 8839 for Reliance Nippon and for Star health insurance it is
about 833 Crore rupees.

Page | 45
TABLE.9

LIC Reliance Nippon Star Health

Death 13439 1215 110

GRAPH.10

16000

14000 13439

12000

10000

8000

6000

4000

2000 1215
110
0
Death

LIC Reliance Nippon Star Health

Interpretation :From the above graph we can see that the LIC policy death payouts are the highest
at about 13439 for the year 2018 and 1215 for Reliance Nippon and for Star health insurance it is
about 110 Crore rupees

Page | 46
TABLE.10

LIC Reliance Nippon Star Health

Annuities 6883 557 50

GRAPH.11

8000
6883
7000

6000

5000

4000

3000

2000

1000 557
50
0
Annuities

LIC Reliance Nippon Star Health

Interpretation: From the above graph we can see that the LIC policy annuities payouts are the
highest at about 6883 for the year 2018 and 557 for Reliance Nippon and for Star health insurance
it is about 50 Crore rupees

Page | 47
9.Policy Payments of LIC, Reliance Nippon and Star Health Insurance in 2017

TABLE.11

LIC Reliance Nippon Star Health

Maturity 88390 7245 678

GRAPH.12

100000
88390
90000

80000

70000

60000

50000

40000

30000

20000

10000 7245
678
0
Maturity

LIC Reliance Nippon Star Health

Interpretation: From the above graph we can see that the LIC policy payouts are the highest at
about 88390 for the year 2017 and 7245 for Reliance Nippon and for Star health insurance it is
about 678 Crore rupees

Page | 48
TABLE.12

LIC Reliance Nippon Star Health

Death 12159 1006 96

GRAPH.13

14000
12159
12000

10000

8000

6000

4000

2000 1006
96
0
Death

LIC Reliance Nippon Star Health

Interpretation: From the above graph we can see that the LIC policy death payouts are the highest
at about 12159 for the year 2017 and 1006 for Reliance Nippon and for Star health insurance it is
about 96 Crore rupees

Page | 49
TABLE.13

LIC Reliance Nippon Star Health

Annuities 5570 357 37

GRAPH.14

6000 5570

5000

4000

3000

2000

1000
357
37
0
Annuities

LIC Reliance Nippon Star Health

Interpretation :From the above graph we can see that the LIC policy annuities payouts are the
highest at about 5570 for the year 2017 and 357 for Reliance Nippon and for Star health insurance
it is about 37 Crore rupees

Page | 50
10.FINANCIAL HIGHLIGHTS OF RELIANCE NIPPON

PERFORMANCE RATIOS

TABLE.14

2018 2017 2016 2015 2014

Net Profit Margin (%) 32.96 32.95 31.88 33.51 42.53

GRAPH.15

Net Profit Margin (%)

45 42.53

40

35 32.96 32.95 33.51

31.88
30

25

20

15

10

0
2018 2017 2016 2015 2014

Net Profit Margin (%)

Interpretation: From the above graph we can see that the net profit margin percentage of the
Reliance Nippon insurance company has been showing a fluctuating trend and stood almost same
as the previous financial year.

Page | 51
TABLE.15

2018 2017 2016 2015 2014

Return on Networth / Equity (%) 22.49 22.48 22.23 22.48 23.48

GRAPH.16

Return on Networth / Equity (%)

23.6 23.48
23.4
23.2
23
22.8
22.6 22.49 22.48 22.48
22.4
22.23
22.2
22
21.8
21.6
2018 2017 2016 2015 2014

Return on Networth / Equity (%)

Interpretation: From the above graph we can see that the return on Net worth / equity percentage
for the company has also been at a steady number as the previous financial year which was a little
higher in number than its predecessor.

Page | 52
TABLE.16

2018 2017 2016 2015 2014

Asset Turnover Ratio (%) 61.35 61.34 62.85 61.73 49.41

GRAPH.17

Asset Turnover Ratio (%)

70
61.35 61.34 62.85 61.73
60
49.41
50

40

30

20

10

0
2018 2017 2016 2015 2014

Asset Turnover Ratio (%)

Interpretation: From the above graph we can see that the asset turnover ratio has been showing
almost a constant number for the past four financial years.

Page | 53
 CHAPTER-5

SUMMARY OF FINDINGS, CONCLUSION AND SUGGESTION

Page | 54
FINDINGS SUGGESTION AND CONCLUSION

FINDINGS

1. The gross premiums written down for Life insurance has increased slightly for the current
year when compared to the previous years. That is the same case with the non life insurance
also
2. The life insurance market grew from 682.5 billion in FY02 to 4219.8 billion in FY18.
During 2017-18, private sector life insurers recorded premium of Rs 1.18 trillion while
LIC, the only public sector life insurer recorded premium of Rs 3 trillion.
3. Life insurance penetration reached 2.72 per cent in 2018. Life insurance density in India
increased from 2158 in 2006 to 3022.5 in 2018
4. The insurance from public sector insurers was 98% and for the private sector insurance it
was only 2% in the financial year of 2005
5. Over the years, share of private sector in life insurance segment has grown from around 2
per cent in FY03 to 29.6 per cent in FY17. The share of private life insurers is estimated at
28.93 per cent in FY18
6. As of November 2018, life insurance sector had 23 private players in comparison to only
4 in FY02. With 71.07 per cent share market share in FY18, LIC continues to be the market
leader, followed by ICICI Prudential
7. The total premium collected for the Reliance Nippon life insurance is in nowhere
comparable to the total premiums of LIC
8. The total premiums renews for the two financial years ending 2017 and 2018 for the LIC
of India and the Reliance Nippon life insurance
9. The LIC policy payouts are the highest at about 102065 for the year 2018 and 8839 for
Reliance Nippon and for Star health insurance it is about 833 Crore rupees
10. The LIC policy dealth payouts are the highest at about 13439 for the year 2018 and 1215
for Reliance Nippon and for Star health insurance it is about 110 Crore rupees
11. The LIC policy annuities payouts are the highest at about 6883 for the year 2018 and 557
for Reliance Nippon and for Star health insurance it is about 50 Crore rupees
12. The LIC policy payouts are the highest at about 88390 for the year 2017 and 7245 for
Reliance Nippon and for Star health insurance it is about 678 Crore rupees

Page | 55
 13. The LIC policy death payouts are the highest at about 12159 for the year 2017 and 1006
for Reliance Nippon and for Star health insurance it is about 96 Crore rupees
14. The LIC policy annuities payouts are the highest at about 5570 for the year 2017 and 357
for Reliance Nippon and for Star health insurance it is about 37 Crore rupees
15. The net profit margin percentage of the Reliance Nippon insurance company has been
showing a fluctuating trend and stood almost same as the previous financial year
16. The return on Networth / equity percentage for the company has also been at a steady
number as the previous financial year which was a little higher in number than its
predecessor
17. The asset turnover ratio has been showing almost a constant number for the past four
financial years

CONCLUSION

Insurance is a tool by which fatalities of a small number are compensated out of funds
collected from plenteous. Insurance is a safeguard against uncertain events that may occur in the
future. Company image is the highly important criteria that consumers consider before taking up
a life insurance. This is mainly because people expect safety and secure for their money which
they invest, followed by the factor Premium which we pay to the insurer and then Bonus and
Interest paid by the company, services etc

LIC commands the Indian protection industry. In the present aggressive world, consumer
loyalty has turned into an imperative perspective to hold the clients, not exclusively to develop yet
in addition to serve. Expanded rivalry, wide scope of item offerings and multiple distribution
channels cause companies to value satisfied and highly profitable customers. Customer service is
the critical success factor in a company and providing top notch customer service differentiates
great customer service from indifferent customer service.

The passage of private part insurance agencies into the Indian protection area activated off a
progression of changes in the business. Indeed, even with the firm rivalry in the commercial center,

Page | 56
it is clear from the examination that products offered by the LIC are creative, innovative and of
the liking of the customers, moreover they are satisfied by the true knowledge provided by the
company or agents and they are easily accessible, Flexible payment schemes with no hidden cost,
there is no undue delay in claims settlement, customers are highly satisfied by the grievance
redressal mechanism, and in the near future if they will go for the policy they will stuck to LIC of
India, which shows the great faith and positive perception of the customers towards LIC of India.

SUGGESTIONS

1. The insurance product advertising should emphasize the need for security.

2. Insurance should be popularized as a means of saving for the future security of the tax.

3. New riders, new entrants would come out.

4. Policies must be quickly released and with a little etiquette

5. Other services should be improved

6. Creating a positive image of private companies, such as in the minds of their target
consumers in mind, people should try their level best to create a positive and favorable
image.

7. Training and development agents, so that they can effectively serve the customer and the
doubts and the company must provide training to their agents.

8. Care towards customers: serious concerns "Customer is King" is given to consumers in

today's scenario. The formal way of speaking, we can say that the most loyal customers of
the company.

9. With the help of agents and branch managers, branch managers and agents have the full
cooperation of the company.

10. To increment the dimension of protection infiltration LIC may concentrate on conveying

Page | 57
items that suit to the rustic clients.

11. The organization if conceivable ought to put resources into publicizing, direct street
appears, and burn through cash on hoardings, so it can more readily proliferate mindfulness
about its different lesser known items.

12. LIC ought to likewise tie up with a few different banks separated from the current ones to
move its items i.e. through banc affirmation

13. All the concealed charges ought to plainly be expressed in the frame and clarified by the
operator and LIC ought to give better preparing to its specialists

Page | 58
BIBLIOGRAPHY

1. Alok Mittal and Akash Kumar (2006), "An Exploratory Study of factors affecting the
choice of life insurance products," Nalini Prava Tripathy and Prabir Paul (ed.), Insurance:
Theory and Practice, New Delhi, Prentice Hall of India Private Limited.

2. Malhotra, R.N. (2005), Verma S B in the "Indian Insurance Industry Liberalising", (ed.),
Risk Management, New Delhi, Deep and Deep Publications Pvt. Ltd.

3. S.B and C Nageswara Rao, Madhavi (2006), "An Overview of Private Insurance
Companies", Nalini Prava Tripathy and Prabir Paul (ed.), Insurance: Theory and Practice,
New Delhi, Prentice Hall of India Private Limited.

4. Nalini Prava Tripathy (2006), "A Study of private players in the insurance brand
positioning Industries", Nalini Prava Tripathy and Prabir Paul (ed.), Insurance: Theory and
Practice, New Delhi, Prentice Hall of India Private Limited.

5. Dos steward of the Cauvery V.S. (2000), Insurance, Total Quality Assessment in New
Delhi, Akansha Publishing House.

6. Yada Anshuja and Babita Tiwari (2012), "Analytical study of the liberalization of the
Indian Life Insurance Industry in the Post", International Journal of Social Science
Saturday, .1 (2), pp.1-10.

7. Girish Kumar, GS. And KV Eldhose (2008), "Life insurance services, consumer
perceptions - A Comparative Study on the public and private sectors", Insurance Chronicle,
Vol. VIII (8), pp. 65-74.

8. Hasanbanu, S. and RS Nagajothi (2007), "A Study Uthamalayam alleged that an insurance
perspective", Indian Journal of Marketing, Vol. XXXVII (5), pp.10-16.

9. Imtiaz H Dhalait (2007), Insurance Times, pp.20-25 "Customer service is the essence of
the insurance business."

Page | 59