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TRANSCRIPT
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A
Comprehensive Project Proposal
On
MEASURING THE IMPACT OF PRIVATE LIFE INSURANCE PLAYERS ON THE LIFE
INSURANCE CORPORATION OF INDIA [LIC]
Prepared By:
Arpit Patel
Paresh Dave
Submitted To:
Mr.Hiren Patel
S.R. Luthra Institute of Management, Surat
2009-2011
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Introduction and Statement of the Problems
MEASURING THE IMPACT OF PRIVATE LIFE INSURANCE PLAYERS ON THE LIFE
INSURANCE CORPORATION OF INDIA [LIC]
The Insurance sector in India governed by Insurance Act, 1938, the Life Insurance Corporation
Act, 1956 and General Insurance Business (Nationalisation) Act, 1972, Insurance Regulatory andDevelopment Authority (IRDA) Act, 1999 and other related Acts. With such a large population
and the untapped market area of this population Insurance happens to be a very big opportunity
in India. Today it stands as a business growing at the rate of 15-20 per cent annually. Togetherwith banking services, it adds about 7 per cent to the countrys GDP .In spite of all this growth
the statistics of the penetration of the insurance in the country is very poor. Nearly 80% of Indian
populations are without Life insurance cover and the Health insurance. This is an indicator that
growth potential for the insurance sector is immense in India. It was due to this immense growththat the regulations were introduced in the insurance sector and in continuation Malhotra
Committee was constituted by the government in 1993 to examine the various aspects of theindustry. The key element of the reform process was Participation of overseas insurancecompanies with 26% capital. Creating a more efficient and competitive financial system suitable
for the requirements of the economy was the main idea behind this reform.
Since then the insurance industry has gone through many sea changes .The competition LIC
started facing from these companies were threatening to the existence of LIC .since the
liberalization of the industry the insurance industry has never looked back and today stand as the
one of the most competitive and exploring industry in India. The entry of the private players and
the increased use of the new distribution are in the limelight today. The use of new distribution
techniques and the IT tools has increased the scope of the industry in the longer run.
Research Objectives
To examine the current status, volume of competitions and challenges faced by the Life Insurance
Corporation of India.
To know the performance of the private life insurance players against lic.
To analyze the life insurance services of LIC as well as private life insurance players.
To know the market potential of lic against private life insurance players.
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Limitations of the Study
Time period is one of the limitations because we need to complete the project within 60-
70 days or 2 month.
We are not going take response from the every regions or part of the country for
collecting the information to analyze data.
As students we are not masters or experts of research activity hence it becomes
limitations for us.
We will have to rely on the information given by the respondents.
Short Literature Review or Survey
Rao (2007) reported, Insurance is a vital economic activity and there is an excellent scope for
its growth in the emerging markets. The opening up of the insurance sector has raised high hopesamong people both in India and abroad.
Sabera (2007) indicated, The Government of India liberalized the insurance sector in March
2000, which lifted the entry restrictions for private insurance players, allowing foreign players toenter into the market and start their operations in India. The entry of private players helps in
spreading and keeping the operation in the Indian insurance sector which in turn results inRestructuring and revitalizing of public sector companies.
Research Design & Hypothesis
Research Design: Exploratory Research Design
The exploratory studies are carried out to explore a subject . The main objective is to help in
defining research problem and generate a set of hypothesis or research question which could be
worked upon at a later stage. This research is carried out by using existing literature, survey of
experienced individuals and analysis of selected case studies.
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Hypothesis
It is assumed that the entry of the private life insurance players affect the performance of the
LIC.
It is assumed that the entry of the private life insurance players affect adversely to the LIC.
Data Sources
Primary data through questionnaire
Secondary data through internet, books & magazines.
.
Time budget
60 DAYS. (2 Month)
Formulation of problem and setting objectives: 5 Days
Literature review: 5 Days
Find out variables for forming the questionnaire: 10 Days
Forming of the questionnaire: 10 Days
Data collection and data analysis: 15 Days
Findings and conclusion: 10 Days
Recommendations: 5 Days
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Beneficiaries
This project report will help to those students for literature review who would like to
work on the same topic in the future date.
Project report would benefit to Life insurance Corporation of India LIC to take right
action against the private life insurance players.
Insurance industry would be benefited from the project report.
Research methodology
Types of research: Exploratory research.
Modes of data: Primary data and Secondary data
Data collection tool: Questionnaire
Sample size: 200
Sampling plan: Non Probabilistic Sampling Method
Convient Sampling Method
Statistical tools use for Research
Suitable statistical tools will be applicable or use for the analysis purpose. Theses will be
identified after forming of questionnaire.
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Tentative Chapter Plan
Chapter No. Content
1. Introduction
1.1 Industry Profile
1.2 About the Topic
2. Research Objective
3. Limitations of the Study
4. Research Methodology
5. Data Analysis and Interpretation
6. Findings
7. Recommendation
8. Conclusion
Bibliography
Annexure
Expected Contribution of the Study
This study helps to enhance the knowledge to readers about the impact of private life
insurance players on LIC
It helps to know the reasons for the LIC for losing its market share.
A Short Write up on the researchers
This research project is going to be preparing by two student or two researchers.
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1. Arpit Patel B.com from VNSGU
2. Paresh Dave B.B.A. from VNSGU
Bibliography
Relevant resources like internet, journals of various institutions, books, magazines, would be use
to collect the information which helps in research project. These are clearly mentioned when the
project gets over.