A COMPARATIVE ANALYSIS OF PRIVATE INSURANCE COMPANIES AND LIFE INSURANCE CORPORATION OF INDIA

Abstract

The primary objective of this research is to carry out a comparative analysis of public and private life insurance providers in India. Because of its rapidly growing economy, India has become the most tempting market of insurance in the world. The public insurance company LIC had a monopoly in selling life insurance before the year 1999. There are now 23 independent life insurance firms operating in the market. All 24 life insurance companies operating in India were selected comparative analysis. Four variables Market Share, New Individual Policies Issued, Premium Income and Benefit Paid were taken for the comparative analysis of PICs and LIC. During the study period trend analysis was done and to test the significance of the hypothesis t-test was applied. The study concluded that in the all four variables LIC performance was better than the PICs.