Insurance is not a recent origin. It has been enforce in India dated
back to theVedic period. Establishment of Oriental Life Insurance Corporation
by Anita Bhavsar in1818 forms the basis of present life insurance industry in
India. Insurance sectorconstitutes as one of the important pillar of the
financial market. In 2000, Governmentreopens the Indian insurance industry to
private companies which leads to theremarkable growth (increasing trends) in
life insurance business. The sector witnesses amulti-fold growth in terms of
insurance density (4 fold), amount of investment (5 fold),total premium (4
fold), number of new policy issued (doubled), number of offices opened(4 times)
etc. Even a tremendous growth in life insurance industry, there are still a
largeportion of population who are remain uninsured. It demonstrates the lot of
opportunities.But in last few years, the performance of life insurance industry
has been shown adownfall (decreasing trends) because of slow economic growth
rate, higher inflation,global crises, low saving etc. So, life insurers
required to change their strategies andoffered customized product so that the
untapped market can be served effectively. Thispaper is an attempt to study the
trends and pattern of Indian life insurance industry.
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