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ISSN: 2319-4421
ABSTRACT
MEANING OF INSURANCE
KEYWORDS
Risk, Insurance, LIC, Growth rate
INTRODUCTION
Man Proposes & God Disposes
This statement is self-explanatory that man has no control
on its life and results of its human activities. It means that
there is always uncertainty of the results of human
activity. From the moment of birth, till the end of life, all
material possessions are also continually exposed to
uncertainty. So, we can say thatUncertainty is the fundamental fact of 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 spite of all precautions, accident occurs. So, only these
precautions are not sufficient to avoid the consequences of
uncertainty, but it requires more effective technique to
deal with the problem of risk in our society. We can deal
with the risk in various ways but insurance is one of the
best techniques to deal with the risk.
CLASSIFICATION OF INSURANCE
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2.
Life Insurance
Non Life Insurance- Property Insurance, Casualty
Insurance, Health Insurance
Life Insurance:
Life Insurance is a contract that pledges payment of an
amount to the person assured (or his nominee) on the
happening of the event insured against.
The contract is valid for payment of the insured amount
during:
The date of maturity, or
Specified dates at periodic intervals, or
Unfortunate death, if it occurs earlier.
Among other things, the contract also provides for the
payment of premium periodically to the corporation by the
policyholder. Life Insurance is universally acknowledged
to be an institution, which eliminates risk, substituting
certainty for uncertainty and comes to the timely aid of the
family in the unfortunate event of death of the
breadwinner.
By and large, life insurance is civilizations partial
solution to the problems caused by death. Life insurance,
in short, is concerned with two hazards that stand across
the life-path of every person:
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REVIEW OF LITERATURE
In the present section an attempt has been made to
examine the review of literature related to the study.
Bapat, H.B., Soni, V., Joshi, R. (2014) studied the
products offering of largest public sector , Life Insurance
Corporation of India and the private sector giant ICICI
Prudential Life Insurance Company Limited on the aspects
of applicability of SERQUAL dimensions to current
product offering .
Kotgiri, S. (2013), has focused on working of insurance
players in Indian scenario and comparison in terms of
growth in insurance industry and trend of customers of
investing amount in particular plans. Some important
aspects like amount of investment habits change in attitude
of customers investment, importance given to the type of
business organization are also analyzed.
Sharma, V. & Chauhan, D.S. (2013), analyzed the
performance of public and private sector life insurance
companies in India. Through privatization of the insurance
sector is feared to affect the prospects of the LIC, the
study shows the LIC continuous to dominate the sector.
Private sector insurance companies also tried to increase
their market shares.
Nena, S. (2013) has highlighted the growth and
performance of LIC by analyzing the major source of
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2.
Shashi, P. (2013), has made an effort to know whether the
implemented strategies have truly helped LIC of India in
the changing trends of the society and has also suggested
how these recent trends have helped LIC of India as a
whole to manage the existing leading position in the Life
Insurance market.
Bedi, H. S. and Singh, P. (2011), revealed that there is a
tremendous growth in the performance of Indian Life
Insurance Industry and LIC due to the policy of LPG and
due to the emergence of private sector and opening up for
foreign players. There is an increasing trend toward the
investment in stock- market by LIC due to the effective
regulation of SEBI and increasing transparency of stockmarket.
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FINDINGS
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RESEARCH METHODOLOGY
To fulfill the objectives of the present study, the following
research methodology has been used:-
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SUGGESTIONS
As per the findings of the present paper, there are some
suggestions which should be followed by LIC to retain its
reliable position with private sector life insurance
companies in the life insurance industry:-
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REFERENCES
[1] Agnihotri, Prachi. Altius Shodh Journal of Mgt. &
Commerce, Vol. 1, Issue 2, ISSN-2348-8891
[2] Bapat, Dr. Harish B., Soni, Dr. Vishal, Joshi, Dr.
Ritu (2014) IOSR- Journal of Business and
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