Life Insurance Subsidiaries of Commercial Banks and Other Life Insurance Companies

In the year 1999 the Indian life insurance sector was liberalized with the passage of Insurance Regulatory and Development Authority of India (IRDA) bill. This brought major changes in the life insurance industry, as many private companies and banks with a foreign joint venture entered in to the Indian life insurance market and started attracting the customers with variety of products and schemes, marketing strategies and varied distribution channels. Presently there are 23 private life insurance companies competing with each other along with the LICI in the life insurance market. With innovative products, new marketing strategies and new distribution channels the private life insurance companies started slowly grabbing the market share of the LICI. Therefore the present study focused on the performance of select Life Insurance Subsidiaries of Commercial Banks, LICI and Other Life Insurance Companies considering various parameters like total life insurance premium, market share, number of policies, number of branches, individual and group new business premium, policies sold and percentage of death claims paid.