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Life Insurance Business in India

To develop a proper perspective of the ongoing debates on the privatisation and globalisation of the insurance sector a systematic study of the structure and pattern of growth of the Indian insurance industry is essential. An analysis of pattern of growth of life insurance industry - a state monolith - since its nationalisation in 1956 has been carried out. This article goes into the operating results of the Life Insurance Corporation and their macro-economic importance. The main focus of the article is the pattern and growth of life insurance business in India. Specifically, it deals with the analysis of growth of new business, business in force, income and outgo (financial outflow) life fund, i e, institutionalisation of savings, and business by different zones of LIC. Finally, these indicators are compared with the related macro variables.