Page 12 - Life Insurance Today December 2017

A COMPARATIVE STUDY

OF LIC OF INDIA AND

ICICI PRUDENTIAL LIFE

INSURANCE COMPANY

LTD.: WITH SPECIAL

REFERENCE TO LIFE

MICRO INSURANCE

Abstract
The present life insurance market is complex and competitive. It entails twenty four companies including one public
life insurer i.e. LIC of India and ICICI Prudential Life Insurance Co. Ltd. which is the leading life insurer in private sector.
Micro Insurance Act, 2005 is one of the important milestones in the development of insurance market. As per IRDAI
guidelines, every life insurer has to procure at least twenty five percent rural business of the total business. Hence,
the present study is an attempt to evaluate the performance of select life insurers in regard to life micro insurance
in rural market. The finding of the study reveals that there is significant difference between the performance of LIC
of India and ICICI Prudential Life Insurance Co. Ltd.

Introduction it is lagging behind as the seventy five percent of the total
population are still without any insurance cover. The
Insurance being an important component of economy and
majority of the total population i.e. approx sixty eight
financial system plays a crucial role in the life of people.
percent live in the rural areas and their main occupation
It does not only protect the value of their life but also
is agriculture that generates low income and low savings.
contributes in the socio-economic development of the
country. So far as insurance sector in India is concerned,
Unfortunately, the farmers and other dependents' financial
About the author conditions are not good. The primary reasons are irregular
income, lack of proper management of agriculture
Dr. Furquan Uddin
produces, indigenous' exploitations, corruption in state
Post-Doctoral Fellow
bureaucracy and dependency on monsoon. The persons
Department of Commerce
who employed in agriculture sector especially farmers are
Aligarh Muslim University, Aligarh considered as precious asset for the country. And
12 December 2017 Life Insurance Today

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