IMPACT OF LIBERALIZATION ON LIFE INSURANCE INDUSTRY IN INDIA

Abstract –

               The Indian life insurance has gone through many changes. A major cause of upliftment is acceptance and adoption of liberalization, privatization and globalization (LPG) in 1991.The process of opening up the insurance sector was initiated against the background of economic reform in 1991. for this purpose Malhotra committee was formed in 1993 who submitted their report in 1994 and the legislation of IRDA Bill, passed in 1999. IRDA opened up insurance sector for private companies and they operated from 2001. India is fifth largest globally emerging insurance market. Insurance sector in India have potential to grow with growing interest towards insurance among people, innovative product, improved technology and distribution channel.