Sonal Purohit

Impact of Private Insurance Players on the Working of Lic Sonal Purohit

Insurance business has emerged as one of the prominent areas of financial services during recent times. Nowadays in India, insurance sector is one of the most developing business areas. Through the process of LPG (Liberalization, Privatization, Globalization), Indian economy has been opened up for foreign players as well as private players. For almost four decades LIC (Life Insurance Corporation of India) has been the sole player with virtual monopoly in the life insurance sector. The entry of so many companies in this sector was likely to affect the performance of LIC. These private companies were coming up with different types of innovative policies and other strategies plan. This was likely to have an impact on the business and market share of LIC. To fight this competition and retain its brand image of market leader LIC which was working on traditional methods was compelled to bring about changes in its working. This book throws light on the changes which LIC brought in its working due to impact of these private insurance players.