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Life Insurance in India : Challenges and Opportunities in the Post-Liberalised Era

In: Business and Management

Submitted By snehlohia
Words 5603
Pages 23
LIFE INSURANCE IN INDIA : CHALLENGES AND OPPORTUNITIES IN THE POST-LIBERALISED ERA

BY

Dr. S.C. BANSAL
Associate Professor
Indian Institute of Management
Lucknow (India) e-mail: bansal@iiml.ac.in
Ph: 0091 522 2736637

&

Dr. Y.P.SINGH Professor,
Department of Commerce
Delhi School of Economics,
University of Delhi
New Delhi(India) e-mail: ypsing@rediffmail.com
Ph: 0091 951202456948

&

Sneh Lohia1
Research Scholar,
Department of Commerce
Delhi School of Economics,
University of Delhi
New Delhi(India) e-mail: snehlohia@gmail.com
Ph: 0091 011 25219820

1 Corresponding Author ABSTRACT

The objective of this paper is to identify the challenges and opportunities in the life insurance sector in India after liberalization of the economy. It fills a research gap: many studies based on secondary data and examining the investment systems, operations, principles and practices of Life Insurance Corporation of India (LICI) have been reported; the works exploring the impact of liberalization on the quality of plans and services offered, and opportunities for growth in this area are limited in number. The data were gathered with the help of a detailed questionnaire from 560 individuals belonging to Delhi, Noida, Gurgaon, Faridabad, Mumbai, Pune, Surat, Kolkota, Chennai, Bangalore, Varanasi, Gorakhpur and other cities in India. It has been observed that the companies have added new features in the life insurance products to meet the challenges of the post-liberalized era. Entry of many new players within a short span of time has made the insurance market more challenging. The companies offer policies through various distribution channels and adopt new ways to penetrate deeply into new geographical areas. Tremendous improvement in the quality of services offered by the LIC has been observed after the entry of new companies

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