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Lic Project Yatin Incomplete

Lic Project Yatin Incomplete

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Published by yatinpatel_lic
This is a project of post purchase behaviour of LIC
This is a project of post purchase behaviour of LIC

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Published by: yatinpatel_lic on Mar 22, 2010
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01/16/2012

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POST PURCHASE BEHAVIOUR OF CONSUMER OF LIC
 
B.M. COLLEGE OF BUSINESS ADMINISTRATION
 1
CHAPTER 1INTRODUCTION
 
INTRODUCTION TO INSURANCE
 
B
RIEF HISTORY OF INSURANCE
 
IMPORTANT MILESTONE IN THE LIFE INSURANCE
B
USINESS IN INDIA.
 
G
ROWTH OF INDIAN LIFE INSURANCE SECTOR:
 
 
B
ASIC FUNCTIONS OF THE INSURANCE INDUSTRY
 
ETOP ANALYSIS OF THE INDIAN INSURANCE
 
INDUSTRY
 
 
PEST ANALYSIS
 
POST PURCHASE BEHAVIOUR OF CONSUMER OF LIC
 
B.M. COLLEGE OF BUSINESS ADMINISTRATION
 2
 
INTRODUCTION TO INSURANCE
Insurance industry has always been a growth-oriented industry globally. On the Indian scene too,the insurance industry has always recorded noticeable growth vis-à-vis other Indian industries.The Triton General Insurance Co. Ltd. was the first general insurance company to be establishedin India in 1850, which was a wholly British-owned company. The first general insurancecompany to be set up by an Indian was Indian Mercantile Insurance Co. Ltd., which wasestablished in 1907. There emerged many a player on the Indian scene thereafter.The general insurance business was nationalised after the promulgation of General InsuranceBusiness (Nationalisation) Act, 1972. The post-nationalisation general insurance business wasundertaken by the General Insurance Corporation of India (GIC) and its 4 subsidiaries:1. Oriental Insurance Company Limited;2. New India Assurance Company Limited;3. National Insurance Company Limited;4. United India Insurance Company Limited.The Life Insurance Corporation (LIC) was established on 01.09.1956 and had been the solecorporation to write the life insurance business in India.The Indian insurance industry saw a new sun when the Insurance Regulatory & DevelopmentAuthority (IRDA) invited the applications for registration as insurers in August, 2000. With theliberalisation and opening up of the sector to private players, the industry has presented promising prospects for the coming future. The transition has also resulted into introduction of ample opportunities for the professionals including Chartered Accountants.
 
THE INDIAN INSURANCE INDUSTRY IS FEATURED
B
Y THEFOLLOWIN
G
ATTRI
B
UTES:
i
Low market penetration;
i
Ever-growing middle class component in population.
i
Growth of consumer movement with an increasing demand for better insurance products;
i
inadequate application of information technology for business.
i
Adequate fill up from the Government in the form of tax incentives to the insured, etc.
B
RIEF HISTORY OF INSURANCE:
 
POST PURCHASE BEHAVIOUR OF CONSUMER OF LIC
 
B.M. COLLEGE OF BUSINESS ADMINISTRATION
 3
The story of insurance is probably as old as the story of mankind. The same instinct that promptsmodern businessmen today to secure themselves against loss and disaster existed in primitivemen also. They too sought to avert the evil consequences of fire and flood and loss of life andwere willing to make some sort of sacrifice in order to achieve security. Though the concept of insurance is largely a development of the recent past, particularly after the industrial era ± pastfew centuries ± yet its beginnings date back almost 6000 years.Life Insurance in its modern form came to India from England in the year 1818. Oriental LifeInsurance Company started by Europeans in Calcutta was the first life insurance company onIndian Soil. All the insurance companies established during that period were brought up with the purpose of looking after the needs of European community and Indian natives were not beinginsured by these companies. However, later with the efforts of eminent people like BabuMuttylal Seal, the foreign life insurance companies started insuring Indian lives. But Indian liveswere being treated as sub-standard lives and heavy extra premiums were being charged on them.Bombay Mutual Life Assurance Society heralded the birth of first Indian life insurance companyin the year 1870, and covered Indian lives at normal rates. Starting as Indian enterprise withhighly patriotic motives, insurance companies came into existence to carry the message of insurance and social security through insurance to various sectors of society. Bharat InsuranceCompany (1896) was also one of such companies inspired by nationalism. The Swadeshimovement of 1905-1907 gave rise to more insurance companies. The United India in Madras, National Indian and National Insurance in Calcutta and the Co-operative Assurance at Lahorewere established in 1906. In 1907, Hindustan Co-operative Insurance Company took its birth inone of the rooms of the Jorasanko, house of the great poet Rabindranath Tagore, in Calcutta. TheIndian Mercantile, General Assurance and Swadeshi Life (later Bombay Life) were some of thecompanies established during the same period. Prior to 1912 India had no legislation to regulateinsurance business. In the year 1912, the Life Insurance Companies Act, and the Provident FundAct were passed. The Life Insurance Companies Act, 1912 made it necessary that the premiumrate tables and periodical valuations of companies should be certified by an actuary.The first two decades of the twentieth century saw lot of growth in insurance business. From 44companies with total business-in-force as Rs.22.44 crore, it rose to 176 companies with total business-in-force as Rs.298 crore in 1938. During the mushrooming of insurance companiesmany financially unsound concerns were also floated which failed miserably. The Insurance Act1938 was the first legislation governing not only life insurance but also non-life insurance to provide strict state control over insurance business. The demand for nationalization of lifeinsurance industry was made repeatedly in the past but it gathered momentum in 1944 when a bill to amend the Life Insurance Act 1938 was introduced in the Legislative Assembly. However,it was much later on the 19th of January, 1956, that life insurance in India was nationalized.About 154 Indian insurance companies, 16 non-Indian companies and 75 provident wereoperating in India at the time of nationalization. Nationalization was accomplished in two stages;

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