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insurance sector
- 2. IRDA • IRDA became a statutory body in April 2000 • The key objective of IRDA
- 3. LIC & GIC Insurance in India Non-life insurance / General insurance Life insurance Term life insurance Permanent life insurance Motor Fire Marine Health Other
- 4. Need for insurance • • • • • Tax relief Helps in financial planning Helps during retirement – acts as a pension Savings instruments Improves credit rating – considered as a financial asset • Contribution towards sustaining a standard of living when one contributing partner dies • Cover against risk
- 5. Scope of insurance sector • • • • Higher disposable income Introduction of policy portability Changing demographics Increase in insurance companies & intermediaries (agents) • Growth of GDP • Increase in number of middle class • 24 life insurance companies and 26 non-life insurance companies are in Indian market
- 6. Growth of insurance sector
- 7. Private sector vs Public sector • • • • • Owned Objective Formation Term savings Operations
- 8. Market share
- 9. Major players of private sector
- 10. Major players of Public Sector