Life Insurance Corporation Case Study

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PRODUCT PORTFOLIO: Indian insurance companies provide a varied range of insurance policies, a range that is growing as the economy grows and also increasing the wealth of the middle class. Most of the insurance policies include: term policies, whole life policies, retirement policies, joint life policy, child policies, group insurance policies, endowment policies, unit linked insurance policies and annuities. Other kinds of general insurance are also available such as health insurance, home insurance, travel insurance and motor insurance. ICICI Prudential Life Insurance offers to the consumers the following plans: I. ICICI Prudential term plans:  ICICI Pru iProtect: This is term insurance product, which is available through online directly…show more content…
The Life Insurance Corporation was nationalized as the private insurance player when parliament of India was passed. The company was introduced in the year 1956. More than 245 providences and insurance companies were brought together to create state owned Life Insurance Corporation. The company takes more than 250 million lives into the family called LIC family. Life Insurance Corporation took the business over last 56 years and still it is performing well in the insurance industry. The company is humble and carries on its business realizing the value of its policyholders and be responsible by itself for the…show more content…
The company was introduced in the year of 2000 as a private insurance company. A joint venture between two companies Mitsui Sumitomo Insurance company ltd and MAX India ltd which is multi Business Corporation lead to the introduction of MAX Life Insurance Company in the year of 2000. The MAX Life Insurance Company has offices over1090 across the country. The company started its operation in the year of 2001. The company has over 30 lakhs customers to whom the company provides retirement solution plans and protection plans for the secure future. In the financial year 2014-2015 MAX Life Insurance Company was ranked with fourth largest among the players of private insurers. The ranking of the company was based on the terms of asset value and the total insurance policies sold by the company. “Best Underwriting Initiative” is the award won by the company for its excellence in financial services. MAX Life Insurance makes use of multi channel distribution systems that is the use of recent developments in the insurance industry such as information technology, banc assurance, partnership distribution and online

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