PERFORMANCE EVALUATION OF LIFE INSURANCE CORPORATION IN INDIA- A MACRO LEVEL ANALYSIS
Insurance industry in India has taken a giant shape especially after privatization and introduction of Insurance Regulatory & Development Authority (IRDA). Life Insurance Corporation of India is one of the most significant public sector which plays excellent job in selling its products. The uncertainty is the fundamental fact of every one’s life. This uncertainty leads to fear of risk in our life. Fear of risk can be satisfied by taking all precautions to avoid risk in life. In spite of all precautions, accident occurs. So, Insurance is one of the best techniques to face this uncertainty. It is important to understand that risk is the part of any person’s life. So, Life Insurance is a tool which safeguards an individual’s life with benefits. There are many life insurance companies in India, but Life Insurance Corporation plays a major role in this field. The present paper is based on secondary data and it is tabulated and analyzed by statistical tools like percentage & growth rate. The idea behind the present study therefore to know the growth and performance of Life Insurance Corporation. The present study is going to analyze the major source of income (Premium Earned) of the sampled unit, as well as the significant heads of expenses of Life Insurance Corporation to measure the performance during the period of study.
KEYWORDS: Insurance industry, Life Insurance, benefits, life.