FINANCIAL PERFORMANCE OF LICI AND TOP FIVE PRIVATE LIFE INSURANCE COMPANIES IN INDIA an EMPIRICAL STUDY

Abstract

The Life insurance is linked to growth only in higher income economies and newlineGross Domestic Savings (GDS) have been strongly supported by savings in the newlinehousehold sector. Overall growth in GDP and household savings has significantly newlineinfluenced the growth of Indian life insurance business. Reforms and liberalization newlinehave been with a significant impact on income, savings and insurance purchase; newlinefinancial reforms are expected to improve allocation of savings. The insurance newlineproviders offer diversity of products to business, providing protection from risk newlinethereby ensuring financial security. Life insurers are custodians and managers of newlinesubstantial investments of individuals; and policyholders need to be confident that newlinetheir insurer will be able to meet its promised liabilities in the event that claims are newlinemade under a policy. It helps individual and organization to minimize the newlineconsequences of risk which impart significant cause on the growth and development newlineof insurance industries. In the current scenario of growing customer base, one of the newlineprincipal concerns underlying the regulation of the insurance companies is the need newlineto protect the interest of and secure fair treatment to policyholders. Therefore, newlineregulatory authorities seek to ensure that the financial performance of life insurance newline