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A Comparative Analysis of the Various Aspects of the Public and Private Sector Players in the Life Insurance Industry

12 Pages Posted: 28 Nov 2016  

K. Pramod Gonchkar

Government Ramanarayana Chellaram College of Commerce & Management

R. Shashidhar

Tumkur University - P. G. Department of Studies and Research in Business Administration

Date Written: August 30, 2016

Abstract

India has not been a late starter in the insurance space but there were hiccups along the way. With many of the insurers turning fly-by-night operators, the government had to intervene and nationalize the insurance industry, life and non-life, in that order, in the interest of the welfare of the insured. However, it was not adequate to improve insurance penetration in the country or for that matter, to come out with new insurance products in consonance with the changing dynamics of the country’s economy, as subsequent events proved. Hence the country welcomed back the private sector in the insurance space. Some of the private players have really acquitted themselves admirably. Supplemented by a dedicated regulator, the insurance industry is well set to come out with newer and more innovative products, competitively priced. This is welcome since the people of India are yet to take insurance with the seriousness it deserves. However, the pace of insurance penetration has been improving steadily and that in itself proves that opening up the insurance sector to private players has led to a win-win situation for all stakeholders.

Keywords: IRDA, Underwriting, ULIP, Premium, Insurance penetration

Suggested Citation

Gonchkar, K. Pramod and Shashidhar, R., A Comparative Analysis of the Various Aspects of the Public and Private Sector Players in the Life Insurance Industry (August 30, 2016). OIDA International Journal of Sustainable Development, Vol. 09, No. 08, pp. 21-32, 2016. Available at SSRN: https://ssrn.com/abstract=2876360

K. Pramod Gonchkar (Contact Author)

Government Ramanarayana Chellaram College of Commerce & Management ( email )

High Grounds
Sampangi Rama Nagar
Bangalore, Karnataka
India

R. Shashidhar

Tumkur University - P. G. Department of Studies and Research in Business Administration ( email )

B.H Road
Karnataka
Tumkur, Karnataka 572103
India

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