A Study of Comparative Analysis Between LIC and HDFC Life Insurance Companies

Abstract

Abstract: The insurance sector in India and the privatisation of the insurance industry are the topic of this study. LIC held a monopoly in the insurance sector until the year 2000. When insurance was privatised, it became more competitive. Since private players entered the market, the landscape of the insurance sector has transformed. In terms of service quality, consumer contentment, awareness, consumer preference, and overall operations, my research aids in the comparison between LIC and new private life insurance enterprises. It reflects the customer's point of view about the company. My research aims to obtain a better understanding of the insurance sector in India and to uncover competitiveness issues. In India, the insurance business is quite small, covering only approximately 3% of the population. In addition, the increase in foreign direct investment from 26% to 49% means that India's insurance industry will grow, but it will face severe competition from the rest of the world, notably Asian countries. As a result, it's likely that a distinction will be made between private and public insurance businesses. As a result, this study attempts to compare private and public firms in India's insurance industry on the basis of Insurance Education, Premium, and Performance Evaluation.