Growth of Life Insurance Corporation of India-An Overview

Abstract

act

Life is like a bubble on water, because life is full of uncertainty and risks. Risk or uncertainty is the fundamental fact of life. It can be avoided taking precautions. Insurance provides strong hand & mind, protection against loss of property and adequate capital to produce more wealth. So insurance is a tool for transferring risk. This fund is used to cover any losses incurred by the insured in the event that an unpredictable event occurs. Life insurance is a business relationship built on trust and lasting for a long period of time between the customer and the insurance company. Insurance is the compensation amount against the risk and financial losses. There are many insurance companies such as public insurance companies and private insurance companies in India. The Life Insurance Corporation of India can play key role in the insurance industry.Throughout India’s financial system the Insurance industry has played an important role. It has also helped India to achieve its goal of creating an efficient, effective and more stable economic environment. So I have selected the topic “Growth of LIC in Indian Life Insurance Industry”. This is based on secondary data from IRDA, LIC annual report, other research paper and websites. The data are collets from the period 2018-19 to 2022-23 for analysis and also uses growth rates, percentage, average, tables and charts for comparison. The study found that LIC is improving their performance in terms of agents, investments, incomes, profitafter tax, assets under management, market share, etc. So the study conclude that LIC increases their branches, launching new schemes and policies, adopting new marketing strategies for providing better services to customer. It also make an advertisement to promote and aware about its insurance policies to the customers. LIC can provide better services to its policy holders and customers.