A STUDY OF INSURANCE PENETRATION AND DENSITY IN INDIA
DOI:
https://doi.org/10.29121/shodhkosh.v5.i6.2024.5363Keywords:
Lic, Private Players, Density of Insurance in India, Penetration of Insurance in India, EtcAbstract [English]
Insurance serves as a mechanism to mitigate and transfer potential financial risks to an insurance company through the payment of a premium. In India, prior to liberalization, the life insurance sector was monopolized by a single company under the Public Sector ownership. However, following the liberalization in 1999, the market witnessed the emergence of 23 private life insurers, either in collaboration with or without foreign companies. These new players aimed to assume the risk of citizens and provide improved service quality, commencing their business operations from 2000-01 onwards, effectively breaking the monopoly of Life Insurance Corporation of India (LIC). The purpose of this paper is to assess the business performance of LIC and delineate on the insurance penetration and density in India, from 2000-01 to 2021-22, encompassing the significant period of changes and developments in the Indian life insurance sector.
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