TABLE OF CONTENTS

Certificate

II

Declaration

III

Words of Gratitude

IV

Executive Summary

List of Tables

Chapter

Title

No.

No.
Chapter - 1

Page

Introduction ...

1.1

Brief history of Insurance.

1.2

Meaning and concept of Insurance...

1.3

Principles of Insurance.

1.4

Functions of Insurance..................................................

1.5

Importance of Insurance...

1.6

Types of Life Insurance Policies..

11

1.7

Features of Life Insurance Contract.

13

1.8

Life Insurance in India..

27

1.9

Important Milestones in Life Insurance Regulations in India..

30

1.10

Malhotra Committee.

32

1.11

The Insurance Regulatory and Development Authority..

33

Chapter - 2

Literature Review...

37

Chapter - 3

Research Methodology..

51

3.1

Introduction..

51

3.2

Research Statement..

51

3.3

Research Design...

52

3.3.1

Objectives of the Study

52

3.3.2

Nature of Data and Sources of Data

52

3.3.3

Sample Selection.

53

3.3.4

Hypothesis...

54

3.3.5

Tools and Methods of Data Analysis..

55

Data Envelopment Analysis

55

3.3.5.1.1

Introduction.

55

3.3.5.1.2

Concept of Cost Efficiency..

56

3.3.5.1.3

Estimation of cost efficiency- the standard approach..

56

3.3.5.1

3.3.5.2

3.3.5.3

Estimation of cost efficiency- the new approach

3.3.5.1.5

Different approaches of DEA under the new

57

approach...

57

3.3.5.1.6

Strong points of DEA..

58

3.3.5.1.7

Specification of Inputs and Outputs

59

3.3.5.1.7.1

Measurement of Output

59

3.3.5.1.7.2

Measurement of Input

59

Analysis of Variance...

60

3.3.5.2.1

Introduction.

60

3.3.5.2.2

Assumptions for analysis of variance..

61

3.3.5.2.3

Classification of Analysis of Variance

61

3.3.5.2.3.1

One - way classification.

61

3.3.5.2.3.2

Two - way classification

64

Linear Trend

66

3.3.5.3.1

Introduction.

66

3.3.5.3.2

Merits and Limitations of Linear Trend

67

3.3.5.3.2.1

Merits of Linear Trend

67

3.3.5.3.2.2

Limitations of Linear Trend

67

Ratio Analysis.

68

3.3.5.4.1

Introduction.....

68

3.3.5.4.2

Ratios..

68

3.4

Scope of the Study

70

3.5

Limitations of the study

70

Profile of Life Insurance Companies in India

71

4.1

Public Sector.

71

Life Insurance Corporation of India

71

Private Sector

74

4.2.1

HDFC Standard Life Insurance Co. Ltd..

81

4.2.2

Max New York Life Insurance Co. Ltd...

82

4.2.3

ICICI Prudential Life Insurance Co. Ltd.

83

4.2.4

Kotak Mahindra Old Mutual Life Insurance Co. Ltd.........

84

4.2.5

Birla Sun Life Insurance Co. Ltd.

85

4.2.6

TATA AIG Life Insurance Co. Ltd.

86

4.2.7

SBI Life Insurance Co. Ltd..

87

4.2.8

ING Vysya Life Insurance Co. Ltd..

87

4.2.9

Bajaj Allianz Life Insurance Co. Ltd..

88

4.2.10

Met Life India Insurance Co. Ltd

89

4.2.11

Reliance Life Insurance Co. Ltd..

89

4.2.12

Aviva Life Insurance Co. Ltd..

90

4.2.13

Sahara India Life Insurance Co. Ltd

91

3.3.5.4

Chapter - 4

3.3.5.1.4

4.2

Chapter - 5

4.2.14

Shriram Life Insurance Co. Ltd...

92

4.2.15

Bharti AXA Life Insurance Co. Ltd

93

4.2.16

Future Generali India Life insurance Co. Ltd

93

4.2.17

IDBI FORTIS Life Insurance Co. Ltd.

95

4.2.18

Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd..

96

4.2.19

Aegon Religare Life Insurance Co. Ltd.......................................................

98

4.2.20

DLF Pramerica Life Insurance Co. Ltd.......................................................

99

4.2.21

Star Union Dai-Ichi Life Insurance Co. Ltd................................................

100

4.2.22

India First Life Insurance Co. Ltd................................................................

101

Data Analysis.

103

Life Insurance Density and Penetration in India.

103

5.1

5.2

5.3

5.1.1

Life Insurance Density.

103

5.1.2

Life Insurance Penetration...

104

Market share based on Premium and Policies of Public and Private Sector Life
Insurance Companies

105

5.2.1

Market Share based on Total Premium

105

5.2.2

Market share based on New Business..........................................................

107

5.2.3

Market Share based on Renewal Premium..

109

5.2.4

Market Share based on Total Policies..

110

Market share of Private Life Insurance Companies based on Total Premium and
New Business...
5.3.1

Market share of Private Life Insurance Companies based on Total

Premium...

5.3.2

117

Ranks given to Private Life Insurance Companies based on New

Business.......

5.4

115

Market Share of Private Life Insurance Companies based on New

Business...

5.3.4

113

Ranks given to Private Life Insurance Companies based on Total

Premium...

5.3.3

113

119

Prediction of New Business and Total Premium of Life Insurance Sector for the
year 2015..

122

5.4.1

Prediction of New Business for Public Sector.

122

5.4.2

Prediction of New Business for Private Sector

124

5.4.3

Prediction of Total Premium for Public Sector

126

5.4.4

Prediction of Total Premium for Private Sector..

128

5.5

Analysis of Variance (ANOVA) (one way).

130

5.6

Cost Efficiency of Life Insurance Companies.

134

5.6.1

Cost Efficiency Score of Life Insurance Companies..

134

5.6.2

Ranks given to Life Insurance Companies based on Cost Efficiency

Score

137

Chapter - 6

Conclusion and Suggestions..

144

SWOT Analysis of Insurance Industry in India...

144

6.1.1

Strengths/Opportunities of Insurance Industry

144

6.1.2

Weaknesses/Challenges of Insurance Industry

145

Conclusion and Suggestions.

146

Bibliography...

153

6.1

6.2