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
Date Written: August 30, 2016
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: Suggested Citation