IUP on Life Insurance in India: Trends and Developments

The life insurance market which was underdeveloped in the country slowly started to open up and increase its cover with the entry of the private players in 1999 when the government opened up the sector. Prior to this, penetration had been low, even though LIC had been steadily covering some ground. The private players customized the products and introduced innovations in annuity or pension products. The market is currently growing at a good pace. However, vast sections of society are still to be brought under life insurance. There are vast rural areas that are yet to learn about life insurance and even in urban areas, the poor are still out of the purview of life insurance. New companies are entering into the market and they are needed for penetrating the market further. The Insurance Regulatory and Development Authority (IRDA) is also spearheading the development of life insurance in the country. IRDA has also put in place regulatory norms for the safety of the insured and to safeguard the insurance companies from bankruptcy. With the kind of growth witnessed in life insurance sector, it is emerging as one of the biggest markets in the world. In this context, this book, The Icfai University Press on Life Insurance in India: Trends and Developments, will make useful reading capturing the scenario of life insurance in India and the recent developments in the sector. The book presents a series of well written articles that bring out the essence of the happenings in the industry.