ANALYSIS OF GROWTH OF LIFE INSURANCE INDUSTRY IN INDIA – A COMPARATIVE STUDY OF PUBLIC AND PRIVATE SECTOR

The paradigm shift has been witnessed in the Indian Insurance Industry over the last decade. In this study an attempt has been made to analyze the growth of life insurance industry in India in terms of some important components. Comprehensive data available through annual reports of IRDA has been used for this purpose. The estimated values of first year premium and total premium of public and private companies for the year 2020 have been obtained by using the method of least squares and linear trend analysis. The study indicates that liberalization has had a positive influence on the insurance market of India and the First Year and Total Premiums of life insurers are expected to steadily rise and the LIC will continue to be the market leader.