LIC - WHOLE PRIVATE LIFE INSURANCE SECTOR: A COMPARATIVE STUDY

Abstract

Insurance business is one of the prime sectors in India which is undergoing upward growth. In Indian life insurance sector, LIC is the sole public company doing life insurance business, it had monopoly in this business until privatization started. After privatization in insurance sector, along with LIC, 24 other private life insurers are operating in Indian market. The main motive of this study is to do a comparative analysis between LIC and the whole private life insurance sector. For this purpose, five factors have been considered for the comparison which are Total Premium Underwritten, New Individual Policies Issued, Number of Offices, Investments and Profit after Tax (PAT). This study revealed that, LIC’s performance is overall better than that of entire private sector in all five considered factors.