Life Insurance Industry in India: Evolution, Reforms and Present Scenario

A Historical Perspective, Regulatory Reforms, and Future Outlook of the Life Insurance Industry in India

Abstract

Recorded history of insurance in India advent in early 19th century. Since then life insurance in India evolved as mean to safeguard the financial loss all kind of interests. Life insurance has been a priority of among all kind of insurance service available today. However, presently life insurance penetration rate in India is 2.47 (in 2017) which is quite low in comparison of developed countries. The prospect for life insurance providers in Indian market is huge and require improved efforts. Acknowledging the facts presented paper aim to record historical development, regulations and future outlook. Introductory part is followed by history of insurance, important milestones, governing regulatory framework, Malhotra Committee recommendations and present as well as future outlook of life insurance industry.