Abstract
This chapter traces the origin of Indian life insurance and discusses its evolution in different phases, distinguishing the pre-liberalization era from the post-liberalization phase. The present state of life insurance in India is discussed in terms of indicators like insurance penetration and density. A comparative picture is drawn with reference to global life insurance. The state of life microinsurance and postal life insurance is briefly discussed followed by the challenges before the future of the industry.
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Notes
- 1.
Substandard in insurance parlance refers to lives with physical disability.
- 2.
In 1974, as a follow-up to the recommendations suggested by the Administrative Reforms Committee, appointed by the government of India, LIC explicitly aimed at bringing all possible sections of the society under life insurance by making it cheaply available, maintaining it economically and increasing the productivity of the personnel.
- 3.
Namely Star Health & Allied Insurance Company, Apollo Munich Health Insurance Company, Max Bupa Health Insurance Company, Religare Health Insurance Company and Cigna TTK Health Insurance Company.
- 4.
Insurance penetration is measured as ratio of premium (in US$) to GDP (in US$).
- 5.
Insurance density is measured as ratio of premium (in US$) to total population.
- 6.
Pre-Launch Survey Report of Insurance Awareness Campaign by NCAER in 2011; funded by IRDAI.
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Parida, T.K., Acharya, D. (2017). Life Insurance in India: Origin, Evolution and the Present State. In: The Life Insurance Industry in India. Palgrave Macmillan, Singapore. https://doi.org/10.1007/978-981-10-2233-3_1
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DOI: https://doi.org/10.1007/978-981-10-2233-3_1
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