AN ASSESSMENT OF THE LIFE INSURANCE PRODUCTS IN INDIA: A STUDY OF PUBLIC VS. PRIVATE SECTOR COMPANIES
Keywords:
Life insurance, government sector, non-government sector, India, product offering, customer satisfaction, channel of distribution, price policy, regulation policy, sector comparative analysis, economic growth and development, market analysis, insurance market analysis.Abstract
This paper discusses life insurance product dynamics in India with special emphasis on the disparities among the insurance companies in the public and private sector. The life insurance sector in India has been experiencing a lot of growth owing to the growing awareness, economic growth and growth in the disposable incomes. Nevertheless, the industry is still dominated by the presence of old and new players in the private sector. The study explores different factors, such as product portfolio, pricing planning, customer satisfaction, distribution networks, and regulatory policy influences. The study will compare the working models of both the public and private insurance companies and find out the strength and weakness of the two industries and their impacts in the development of the entire life insurance sector in India. It is believed that the findings will be of great importance to the stakeholders, the regulators, and policymakers in the life insurance industry in ensuring inclusivity, a healthy competition, and consumer satisfaction and trust in the industry in the future.
