A COMPARATIVE STUDY OF LIC AND PRIVATE INSURANCE PLAYERS: AN ELEMENT OF LIFE INSURANCE BUSINESS IN INDIA

The life insurance sector in India has evolved significantly since the liberalization of the economy in 1991, marked by the entry of private players into the industry. This research article undertakes a comparative study of an essential element of the life insurance business: product offerings and customer preferences between the Life Insurance Corporation of India (LIC) and private insurance players. By examining parameters such as market share, product innovation, customer service, and financial performance, this study aims to provide a comprehensive understanding of the competitive dynamics between LIC and private insurance firms. Findings reveal that while LIC remains dominant in terms of trust and market penetration, private insurers are rapidly gaining ground through tailored products, customer-centric services, and technological innovations.