Sales Force Environment in Life Insurance  Corporation of India � An Analysis

Dr. D. Jaganmohana Rao; Prof. V. Narasimha Rao

Volume : III, Issue : I, January - 2014

Sales Force Environment in Life Insurance Corporation of India � An Analysis

Dr. D. Jaganmohana Rao, Prof. V. Narasimha Rao

Abstract :

Insurance is a social device in which a group of individuals (insured) transfer risk to another party (insurer) in order to combine loss experience, which permits statistical prediction of losses and provides for payment of losses from funds contributed (premiums) by all members who transferred risk. In India, insurance have a deep-rooted history. Insurance sector in India has come a long way since the time when businesses were tightly regulated and concentrated in the hands of a few public sector insurers. Following the passage of Insurance Regulatory and Development authority (IRDA) Act in 1999, India allowed private sector in favour of market driven competition. LIC was set up in 1956 when the life insurance business was nationalized. It took over the assets and liabilities of 245 private insurers engaged in the transaction of life insurance business in India. In view of aggressive stance of private insurers, the public sector behemoth LIC is rejuvenating itself to fight back through launching of aggressive marketing strategies and innovative products. An attempt is made in this paper to analyse the Sales Force Environment in LIC of India.