LIFE INSURANCE COMPANIES IN INDIA

MEMBERS

TEJASWINI CHAVAN ~ 8SHIVANI DUBEY ~ 13

KAJAL GUJAR ~ 17MAYURI PUJARE ~ 34SHREENA SASI ~ 45

INTRODUCTION Insurance companies are active in the field

of life, health and general insurance. Insurance business consists of spreading risk over time and sharing them between persons and organization. The major part of insurance is life insurance, the operation of which depends on the law of mortality .In case of life insurance; the claim is fixed and certain n, whereas in general insurance, the claim is uncertain.

DEFINITION Life insurance is a contract whereby

the insurer, in consideration of a premium paid either in lump sum or in periodical installment undertakes to pay an annuity certain sum of money either on the death of the insured or an the expiry of a certain no of years whichever is earlier.

MAJOR TYPES OF LIFE INSURANCE POLICIES

INTRODUCTION:-

The Researcher, found the different types of Life Insurance Plans in the market. As we know that Life Insurance is important for everyone to protect family incase of their demise the insured money will save their family for educating their children and marriage etc. According to your needs, one can choose Life Insurance Scheme of any form.

TYPES:- Term insurance policy. Whole life insurance policy. Endowment policy. Annuities and pension.

DISTRIBUTION CHANNELS IN LIFE INSURANCE BUSINESS

Agents:- 1.Brokers- 2.Corporate agents- 3.Bancassurance-

Following are the different distribution channels:

ROLE OF LIC IN INDIA

The LIC plays an important role in the development of nation economy. The role of life insurance corporation involves all the activities relating to national economy, individuals and society. The following are the important areas in which LIC plays an important role:-

• Investment.• Underwriting.• Giving loans.• Subscribing to debentures and bonds.• Social orientation.

OBJECTIVES OF LIFE INSURANCE The Life Insurance Corporation of India (LIC) was

set-up by the Government of India to achieve the following objectives:

Spread Life Insurance widely and in particular to the rural areas and to the socially and economically backward classes with a view to reach in.

All insurable persons in the country and providing them adequate financial cover against death at a reasonable cost.

Maximize mobilization of people’s savings by making insurance linked savings adequately attractive.

LIFE INSURANCE COMPANIES IN INDIA

More than 75 % of Indian’s insurable population has no life insurance cover and yet insurance is multi – billion dollars business in India. The gross premium collection amount to around 2 per cent of GDP and is growing at a rate between 15 to 20 percent per annum. India has the highest number of life insurance policies in force in the world. The total investable funds with life insurance Corporation of India, LIC are almost 8 percent of GDP. Health insurance of any kind is negligible. The potential for the growth and spread of life insurance in India is high, as in many others Asian countries.

PUBLIC SECTOR:Life Insurance Corporation of Indiao Historyo Founding organizations:o Nationalisation in 1955: o Growth as a monopoly:o Liberalisation post 2000s:o Products and services:o Operations:o Slogan:o Awards and recognitionso Employees and Agents:o In News: About holdings in various companies:

PRIVATE SECTOR:

AEGON Religare Life Insuranceo Products and Services:o Term Insurance Plans:o Health Insurance:o ULIPs:o Savings Plans:o Child Plans:o Operations:o Distribution:

Aviva Indiao Operations:o Distribution:o Products:o Corporate social responsibility:HDFC Lifeo Complaints:o Presence & Distribution:o Products & Services:o Corporate History:o Associated Companies:

IDBI Federal Life Insurance:o History:o Technology:o Products:o Sponsorships, Awards:

CONCLUSION

Insurance is an integral part of any personal financial plan. The type of insurance and the amount of

coverage you obtain all depends on your unique financial and family circumstances, and must be

evaluated carefully. LIC of India also invest investors money in Government

Guaranteed Securities, Corporate Debt., Short Term Investments like, Money Market Instruments. LIC’s

Insurance Product like Unit Linked, Endowment Plan, Savings Plan and Pension Plans are better as compare

to Private Insurance Companies. Public trust on LIC because LIC is the Market Leader and also No. 1

Financial Institutions in India.