INSURANCE INDUSTRY IN INDIA
FOCUSING ON RELIANCE LIFE INSURANCE
The liberalization of the Indian insurance sector has been the subject of much heated debate for some years. The policy makers where in the catch 22 situation wherein for one they wanted competition, development and growth of this insurance sector which is extremely essential for channeling the investments in to the infrastructure sector. At the other end the policy makers had the fears that the insurance premia, which are substantial, would seep out of the country; and wanted to have a cautious approach of opening for foreign participation in the sector. As one of the rare occurrences the entire debate was put on the back burner and the IRDA saw the day of the light thanks to the maturing polity emerging consensus among factions of different political parties. Though some changes and some restrictive clauses as regards to the foreign participation were included the IRDA has opened the doors for the private entry into insurance. Whether the insurer is old or new, private or public, expanding the market will present multitude of challenges and opportunities. But the key issues, possible trends, opportunities and challenges that insurance sector will have still remains under the realms of the possibilities and speculation. What is the likely impact of opening up India’s insurance sector? .
If words are considered to be signs of gratitude then let these words convey the very same I am highly indebted to Mr. R. S. Aggarwal, Project Mentor who has provided me with the necessary information and also for the support extended out to me in the completion of this project and his valuable suggestion and comments on bringing out this project in the best way possible. I express my thanks to all Sales Managers under whose able guidance and direction, I was able to give shape to my research. Their constant review and excellent suggestions throughout the project are highly commendable.
CONTENTS PAGE NUMBER
Types Of Insurance 6
Functions of Insurance 17
History Of Insurance in India 19
Reliance Life Insurance 21
S.W.O.T Analysis 28
Significance of the study 29
Research Methodology 31
Research Design & Data Analysis 37
The story of insurance is probably as old as the story of mankind. Tendency of a human being to secure themselves against loss and disaster has been from the starting of world. They sought to avert the evil consequences of fire and flood and loss of life and were willing to make some sort of sacrifice in order to achieve security. Though the concept of insurance is largely a development of the recent past, particularly after the industrial era – past few centuries – yet its beginnings date back almost 6000 years as per records. WHAT IS INSURANCE?...