Effectiveness of Lic in Our Life in India

Abstract

Insurance is a social device. The Indian life insurance industry has its own origin and history, since its inception. It has passed through many obstacles to attain the present status. The income earning capacity of an individual citizen of a nation, the eagerness and awareness of general public are the two key determinants of growth of any insurance industry. Really Insurance is a social devise where uncertain risks of individuals may be combined in a group and thus made more certain-Small Periodic contributions by the Individuals provide a found out of which those who suffer losses may be reimbursed. Life insurance made its debut in India well over 100 years ago. Today, it is widely accepted as one of the most attractive financial instruments in and individual’s part police. That provides an assurance of security with attractive returns. Indians Insurance sector is expected to flow even faster than the country is overall economic growth opening up new business oversee across the industry.