Life insurance industry in India Dr. Karunanithi G.*, Manivannan C.**, Dr. Mrs. Banumathy S.*** *Assistant Professor of Commerce, DDE, Annamalai University, Annamalai Nagar-608002, Tamil Nadu **Doctoral Research Scholar, Department of Commerce, Annamalai University, Annamalai Nagar-608 002 ***Associate Professor and Head, Department of Commerce, V. V. Vanniaperumal College for Women, Virudhunagar – 626001, Tamil Nadu Online published on 20 June, 2013. Abstract In the post liberalization period, the life insurance industry of India witnessed a remarkable growth and it is being forced to face a lot of healthy competition from many domestic as well as international private insurance players. In life insurance business, India ranked 9th among the 156 countries, for which data are published by Swiss Re. During 2010–11, the estimated life insurance premium in India grew by 4.2 per cent (inflation adjusted). After privatization, insurance industry has seen significant growth. Due to low penetration and huge potential, many foreign and domestic players have entered the sector. The study is based upon secondary data. The data used in the paper covers the period from 2001–02 to 2010–11. The co-efficient of variations stood at 20.42 per cent and 74.24 per cent in terms of number of policies for LIC and Private Life insurers respectively, 59.87 per cent and 89.25 per cent in terms of first premium of LIC and Private life insurance companies respectively. This shows that growth was more consistent for LIC as compared to private life insurers in terms of Number of Policies, First premium, total premium and Market share is compared. Top Keywords Liberalization, Globalization and Privatization (LPG), Number of Policies, Market share, First Year Premium, Total Premium, IRDA, LIC, Private Life Insurance Companies. Top |