Life Insurance In India- A Profile

The Insurance industry in India has forged ahead Within a decade after independence in 1947 the people at the helm decided to bring life insurance into the mainstream providing a protection of life risk coverage to the people at nominal prices through The Life Insurance Corporation of India from 1956. In the early 1970's the general insurance was also established. Although maximum needs of the public at large were fulfilled yet the new realities of the global economic order with multiple trade agreements, India opened up its economy through liberalization, for global competition and challenges. Due to the new challenges the insurance industry of India had to also pave the way for unprecedented economic resurgence.