LIC various private players

LIC is a big name when we talk about the life insurance sector. Few years back it was only the insurance company it India which was offering life insurance cover to Indians. The major reason behind the success of LIC is pushing and support from the Indian government. Indian government guarantee people for the money return from the LIC. Therefore many people opted for the LIC plans with the surety of the returns. Moreover Indian government also allowed tax reduction for people opting for the life insurance policies.

Today we are living in a open insurance sector where many private and multinational companies are also fighting to get there share from the LIC. Today we can see ads from the number of players running around us on the various media. Private players are offering new and different policies with the better returns to the people. These huge offers and big number of private players are able to make some dent in the market share of the LIC, still LIC is a very big player with more than 75% market share which shows the power of LIC brand and trust it has generated among Indians in the long run.

Private players need more times and innovations to remove the monopoly of the LIC. Some good names among the private players are BAJAJ allianz (which has generated the biggest network after LIC in India), ICICI prudential (one of the first among private players), HDFC Life insurance (a fast growing private brand in India) and new big names like Reliance and TATA. IN coming few years, we could hope to see more changes in the insurance sector in India.
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