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Anil Kumar, Kotha
- A Study on Penetration in Indian Life Insurance Sector
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Authors
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1 Laqshya College of Management, JNTUH, Khammam, IN
1 Laqshya College of Management, JNTUH, Khammam, IN
Source
Asian Journal of Management, Vol 4, No 4 (2013), Pagination: 282-284Abstract
India's life insurance market has grown at more than 40% annually. But the ratio of insurance premium to GDP is around 4%. Penetration is very low, practically zero in the unbanked segment. For the industry, premium income is likely to go up sharply. A well developed and evolved insurance sector is a boon for economic development of a country. The insurance sector was a significant contributor to the capital market thereby lending support to the stability of capital markets. It provides long-term funds for infrastructure development and concurrently strengthens the risktaking ability of the country. There are certain factors that need to be considered by the Indian insurance industry to ensure a seamless growth in business like distribution channels, focus on financial inclusion. The present study is on the trends in the insurance sector in premium underwritten and insurance density and penetration.References
- IRDA annual reports for various years and other sites on internet
- Selva Kumar.M and Vimal Priyan.J, “A comparative study of public and private life insurance companies in India”, Indian Journal of Commerce, Vol.65, No.1, Jan-Mar 2002, pp 81-87.
- Madhukar Palli, “A study on assessing life insurance potential in India”, Bimaquest, Vol.6, Issue 2, July 2006.