Insurance Need for Customer Delight (A Case study of LIC of India’s Performance)
Journal Title: JOURNAL OF COMMERCE AND TRADE - Year 2006, Vol 1, Issue 1
Abstract
Life insurance was first time brought in India in 1818 at Calcutta by Europeans. The first attempt to regulate insurance business in India was with the enactment of legislation- The Indian Life Insurance Companies Act, 1912. Later on, by the year 1955, approsimately 170 insurance companies and 80 provident societies had been registered for conducting the business of life insurance in India. To regularize the insurance business and to protect the interests of poiicyholders, the Government of India nationalized the life insurance business by taking over 245 Indian and foreign insurance companies and provident societies. Thus, Life Insurance Corporation came into existence on Sept. 1, 1956. With the winds of change in overall global economy. Government of India set up an RN Malhotra Committeee to evaluate the Indian insurance industry and recommend its future direction. The committee submitted its report in 1994 giving insurance sector reforms a start. In 1999, the IRDA bill was passed and private companies started coming in this sector. But, the performance of LIC of India has been ever protected. The present paper gives an insight study of the performance of LIC of India.
Authors and Affiliations
Dr. Rajeev Kumar Agarwal
Keywords
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