Page 36 - Life Insurance Today July - December 2020

From figure 3 and figure 4 it can be concluded that growth product development and in marketing areas. Not only life
of this sector is not satisfactory at all. In case of density insurance but also general insurance companies are also
2011, 2012, 2013, 2015, 2018 these years representing trying to launch new insurance products which focused
negative growth and on the other side that is penetration different benefits. But, both wings of insurance sector need
growth is negative in almost all 10 years except last four to penetrate into rural areas in a big way and they must
years ( from 2015-2018) try to aware the importance of insurance among
prospective consumers since huge market potential lies in
7. Limitations: rural India.
i) This study is based on 2009-2018 secondary data from
Annual Report which is not long term for trend analysis A good performance of life insurance companies in India
identification will result in the growth of the life insurance market in India.
And the growth of the life insurance market can be viewed
ii) Time constrains is another hindrance to analysis this
as safe and secured Indians and thus safe and secured India.
research.
But if we need to talk about whole industry general
iii) This study is based on Indian perspective. insurance will also expand their business area which will
iv) No specific area of insurance industry has been help to grow the whole industry and take a massive part
considered for this research. of GDP that is very much required for overall development
for any developing country.
8. Recommendation:
Reference:
From this study authors have concluded with their views
which are not as much as expected. Awareness regarding " Vimala and Alamelu (2018), "Insurance Penetration
insurance sectors is not at par especially in rural areas. But and Insurance Density in India - An Analysis", IJRAR,
most of the consumers in urban areas are treating their Volume 5Issue 4 Oct. - Dec. 2018, (E- ISSN 2348 -1269,
investments in insurance sector (especially in life insurance) Print ISSN 2349-5138)
for savings purpose. It is also observed that value of density " Radhika and Satuluri (2019), "A study on Life insurance
is not up to mark which must be improved and contribution penetration in India", International Journal of Human
towards GDP growth by insurance industry which is called Resource Management and Research (IJHRMR),
insurance penetration should take an important part. Volume-9, Issue-1, pp-119-124 (ISSN (P): 2249-6874;
ISSN (E): 2249-7986)
It is also recommendable for the insurer and insurance
" Sengupta and Choudhary (2019), "Life Insurance and
agent that this sector has an important stake in economy
Social Security: An Overview", Banking Finance, Vol.
of the country so every stake holders must be aware and
XXXII, No. 01, January 2019 (ISSN 0971-4498)
should know the essence of one rupees premium. A single
" Choudhary (2019), "Financial Life Planning through
amount of contribution towards this sector can make the
Insurance in Human Life Cycle", The Journal of
better insurance density and insurance penetration. During
Insurance Institute of India, Vol. VI No. IV, April, 2019
this pandemic COVID-19 situation all sectors are harshly
effected insurance sector is not the exception.so
considering the revival strategy from this pandemic these Websites
two issues should be considered for industry improvement www.livemint.com
and economy of the country. https://www.irdai.gov.in/

9. Conclusions: Reports
The life insurance companies in India are active in new Annual Report issued by IRDA, 2018-19. R

"The ugliest woman I have ever courted is ignorance; the most beautiful woman I have ever charmed is love."

36 July - December 2020 Life Insurance Today