Author: Dr. Joydeep Goswami
Abstract: Insurance is a federal subject in India. The primary legislation that deals with insurance business in India is Insurance Act, 1938, and Insurance Regulatory & Development Authority Act, 1999. Insurance is an assurance of receiving financial support, even in the absence of the insuree. The form of insurance business has been changing across the globe and this wave is no different in India. Insurance constitutes an important and increasing proportion of the gross financial savings of the households. It has been estimated that the potential of Indian insurance industry is huge considering the fact that insurance has not yet reached to large untapped population of the country. Only 20 per cent of the insurable population is covered under various life insurance schemes/segments. The insurance sector is experiencing a growth rate of 15 to 20 per cent. The insurance and banking services contribution to the country's gross domestic product (GDP) is 7 per cent out of which the gross premium collection forms a significant part. This study is an attempt to bring out an understanding of the Life Insurance Industry in India, as it is imperative to understand its evolution to the present stage. This study also tried to analyze the performance of Indian Life Insurance industry under the private insurance companies in recent times.
Keywords: Insurance, Performance Assessment
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