Life Insurance Marketing in India

The life insurance industry in India has registered an impressive growth since the beginning of 21st century. The market has witnessed dynamic changes including entry of a good number of global players. Life insurance is a big business opportunity in India with a large population and untapped potential. By 2020 financial year the Indian insurance market is projected to grow six to eight times the size of market in 2010 financial year. Unlike many other commercial products life insurance goes a long way in providing financial as well as social security to the individuals and their families especially in underdeveloped regions where a significant proportion of population is underprivileged. Hence there is a greater need to reengineer the life insurance marketing practices in the context of realisation of the overall goal of inclusive development. This book attempts to identify and analyse the marketing practices being adopted by the LIC at the national level with special reference to Mizoram. The study also covers the new players entered in life insurance business. The study's special focus is on the period since 2000 the time new competitors started entering the business.