“An empirical study of Current State of Life Insurance in India

and Awareness and Preferences of Retail investors of Surat

city for Life Insurance Companies during the year 2012-13”

- Mrunal Chetan Joshi*, - Ms. Tejal Mahedra Takodia**1

Abstract

In India life insurance sector opened for private as well for foreign players after new industrial

policy 1991. But effectively new players could be operative only after the Insurance Regulatory

and Development Authority (IRDA) incorporated as a statutory body in April, 2000. Currently in

life insurance sector about 23 life insurer are working, but even after more than one decade of

establishment of IRDA and sector opened for private players as well foreign players, still more

than 70% market share is hold by Life Insurance Corporation of India (LIC). Hence, question

arises that why other players could not significantly penetrate in Indian life insurance sector?

For this it becomes important to know about awareness level and preferences of investors

about life insurers in India. This paper is an attempt to study the awareness among retail

investors and their preference for these life insurers. In this study primary data is collected from

the Surat city of Gujarat state. Secondary data are collected from the various reports issued by

IRDA and various research papers published. In study it has been found that LIC is most

preferred Life Insurance Company. Investors focus more on certain aspects related to insurance

companies are timely payment of maturity amount, minimum hassle at the time of settlement,

transparency in terms and conditions in insurance contact and good financial position company.

Key words: Life Insurance, Awareness, Preference, LIC

* Assistant Professor, B.R.C.M. College of Business Administration, Surat, Gujarat

** M.Phil Student, Department of Business and Industrial Management, VNGU, Surat, Gujarat

Introduction

Life Insurance

Life insurance is a contract that pledges payment of an amount to the person assured (or his

nominee) on the happening of the event insured against.

The contract is valid for payment of the insured amount during:

The date of maturity, or

Specified dates at periodic intervals, or

Unfortunate death, if it occurs earlier.

Among other things, the contract also provides for the payment of premium periodically to the

Corporation by the policyholder. Life insurance is universally acknowledged to be an institution,

which eliminates 'risk', substituting certainty for uncertainty and comes to the timely aid of the

family in the unfortunate event of death of the breadwinner.

By and large, life insurance is civilisation's partial solution to the problems caused by death. Life

insurance, in short, is concerned with two hazards that stand across the life-path of every

person:

1. That of dying prematurely, leaving a dependent family to fend for itself.

2. That of living till old age without visible means of support.

History of Life Insurance in India

Before independence in India there were a large number of insurance companies and the level

of competition was high. There were also allegations of unfair trade practices. The Government

of India, therefore, decided to nationalize insurance business. An Ordinance was issued on 19th

January, 1956 nationalising the Life Insurance sector and Life Insurance Corporation came into

existence in the same year. The LIC absorbed 154 Indian, 16 non-Indian insurers as also 75

provident societies—245 Indian and foreign insurers in all. The LIC had monopoly till the late

90s when the Insurance sector was reopened to the private sector.

In 1993, the Government set up a committee under the chairmanship of RN Malhotra, for

reforms in the insurance sector. The committee submitted its report in 1994 wherein , among

other things, it recommended that the private sector be permitted to enter the insurance

industry. They stated that foreign companies be allowed to enter by floating Indian companies,

preferably a joint venture with Indian partners.

Following the recommendations of the Malhotra Committee report, in 1999, the Insurance

Regulatory and Development Authority (IRDA) was constituted as an autonomous body to

regulate and develop the insurance industry. The IRDA was incorporated as a statutory body in

April, 2000. The key objectives of the IRDA include promotion of competition so as to enhance

customer satisfaction through increased consumer choice and lower premiums, while ensuring

the financial security of the insurance market.

The IRDA opened up the market in August 2000 with the invitation for application for

registrations. Foreign companies were allowed ownership of up to 26%.

Table 1. Details of life insurance companies operating in India*

Sl. No.

Insurers Foreign Partners Regn. No.

Date of Registration

Year of Operation

1 Life Insurance Corporation of India

––– 512 01.09.1956 1956-57

2 HDFC Standard Standard Life Assurance, 101 23.10.2000 2000-01

3 Max New York UK New York Life, 104 15.11.2000 2000-01

4 ICICI Prudential USA Prudential Plc, 105 24.11.2000 2000-01

5 Kotak Mahindra Old Mutual

UK Old Mutual, South Africa 107 10.01.2001 2001-02

6 Birla Sun Life Sun Life, Canada 109 31.01.2001 2000-01

7 TATA AIG American International Assurance Co.,

110 12.02.2001 2001-02

8 SBI Life USA BNP Paribas Assurance SA, France

111 29.03.2001 2001-02

9 ING Vysya ING Insurance International B.V, Netherlands

114 02.08.2001 2001-02

10 Bajaj Allianz Allianz, Germany 116 03.08.2001 2001-02

11 Metlife Metlife International Holdings Ltd., USA

117 06.08.2001 2001-02

12 Reliance ––– 121 03.01.2002 2001-02

13 Aviva Aviva International Holdings Ltd., UK

122 14.05.2002 2002-03

14 Sahara ––– 127 06.02.2004 2004-05

15 Shriram Sanlam, South Africa 128 17.11.2005 2005-06

16 Bharti AXA AXA Holdings, France 130 14.07.2006 2006-07

17 Future Generali Generali, Italy 133 04.09.2007 2007-08

18 IDBI Federal Ageas, Europe 135 19.12.2007 2007-08

19 Canara HSBC HSBC, UK 136 08.05.2008 2008-09

20 OBC Aegon Religare Aegon ,Netherlands 138 27.06.2008 2008-09

21 DLF Pramerica Prudential of America, USA 140 27.06.2008 2008-09

22 Star Union Dai-ichi Mutual Life Insurance,Japan

142 26.12.2008 2008-09

23 Dai-ichi IndiaFirst Legal & General Middle East Limited, UK

143 05.11.2009 2009-10

24 Edelweiss Tokio Tokio Marine Holding Inc,Japan 147 12.05.2011 2011-12

* as on 31st December, 2011.

(Source: Hand Book on Indian Insurance Statistics 2010-11)

Current Stat of Life Insurance in India

The insurance penetration in India from 2000-01 till 2009-10 increased consistently. It has slide

since 2010-11 on account of slowdown in life insurance premium as compared to the growth

rate of the Indian economy. Life insurance penetration had consistently gone up from 2.15 per

cent in 2001 to 4.60 in 2009, before slipping to 4.40 per cent in 2010 and further slipping to

3.40 per cent in 2011. (Annual Report 2011-12, IRDA).

Table 2. Total life insurance premium collected by various life insurance

companies in last four years (up to year 2011-12)

(Rs. In Crore)

(Source: Annual report of IRDA 2011-12)

Literature Review

Sandhu, H. S., & Bala, N. (2011) demonstrated in their study seven-factor construct (consisting

of 34 items) representing Proficiency; Media and presentations; Physical and ethical excellence;

Service delivery process and purpose; Security and dynamic operations; Credibility; and

Functionality. Besides, the study also investigated the relationship between each of the

generated service quality dimensions and customers overall evaluation of life insurance service

quality. It revealed that among those seven factors, three viz., Proficiency; Physical and ethical

excellence; and Functionality have significant impact on the overall service quality of Life

Insurance Corporation of India.

Joshi, M., & Takodia, T. (April 22-23, 2010) have observed that India's insurance sector is

zooming to show an unprecedented progressive growth of more than 200% in the period of

2009-10. As Indian Stock market has also achieved stable growth in last more than six months,

investment avenues based on it are also performing well afterwards. ULIPs have also shown its

increased market-share, in the total insurance business. ULIPs are also well managed by IRDA,

even in terms of ceiling of total charges charged by Insurance companies. IRDA has established

detailed guidelines with explanation of the terms used in it. Finally we can say about ULIPs that

its performance can be identified by its NAV and its growth, which could be the important

variable for the investors for their investment decision.

Khurana, A. (2009, April) has worked on comparitive study of HDFC, ICICI Pru and Bajaj Allianz

hybrid pension fund. He had used published data of performacne of this funds. He has used

ANOVA, Turkey HSD and Dunnet t-test and found that there is no significant differnece

between performance of pension funds balanced of all selected insurance companies. Here we

want to study preference for insurance company for taking life insurance plan in future as well.

For this purpose primary would be used.

Kokatnur, S. S. (2009) had found that store brand approximately sell for 30% less than the

national brand. Consumer’s perceptions varies when it is bought form a shabby, smelly store

compred to a good ambience store. In similar manner in this study effect of serive of agent,

name (brand) of company etc. on perception of investor could be studied.

Rashmi, B., Nair, N. S., Sabu, K. M., & Unnikrishnan, B. (2007) found that the health insurance

companies should come out with clear cut policy details, as many of the respondents had vague

ideas about the various benefits and risks involved in a policy. If the private insurance players

want to venture in the market, they should try to imbibe trust in the people as most of the

respondents preferred government health insurance schemes, the reason being guarantee for

their capital. To develop a viable health insurance scheme, it is important to understand

people’s perceptions and develop a package that is accessible, available, affordable and

acceptable to all sections of the society.

According to Das, M., C, L., Atwal, S., & Thapar, S. (2007) Life insuance policies are no longer

seen solely as a means of insuring life. Due to many new features introduced by life insurers,

they are seen in new light of serving saving and even investment purposes besides the basic

purpose of insuring life.

Bhat, R. (2005) mentioned that the process of reforms initiated some years ago has some

achievements to its credit. It has enhanced competition, provided a choice to the customers,

triggered innovative ways and means to carry out insurance activities, improved the efficiency

level of the industry, increased the coverage of insurance in terms of density and penetration,

obligated the insurers to provide for the needs of social and rural sectors, and increased

awareness about the necessity of insurance, to name a few.

Frank and Boyd (1965) found that both the brands private as well as government (public) are

consumed by people with similar socio-economic background. The demographic variables have

a major role to shape the perception of the consumers over private labels. We would like to

study that whether private or government brand of life insurance companies affect perception

and preference of investors or not.

Objectives

To study the awareness about life insurance companies operative in market and the

preferences of retail investors among those life insurance companies.

Research Methodology

To achieve above said objectives following Research Methodology has been carried out. This

methodology is decided after study of literature review discussed earlier.

Type of Research Design:

For this study Descriptive Research design is used. Various facts are described on the basis of

primary and secondary data analysis.

Sources of Data:

In primary data opinion of investors who have at least invested some amount life insurance is

collected. In secondary data up to date data published by regulatory authority as well as data

referred from various papers published in journals, papers presented and published in

conferences, and news paper articles are employed.

Population:

Population for the primary data in this study is all the investors who have invested their money

in different kinds of life insurance plans and situated at Surat city.

Sampling method and Sample:

Sample size for this study is 150. As it is not possible to have sample frame, out of non-

probabilistic sampling methods, convenient sampling method has been applied. Thus primary

data have been collected on the basis of accessibility of respondents.

Instruments

Structured questionnaire is used as an instrument for the collection of data. This questionnaire

is prepared carefully to check awareness of retail investors about and life insurance companies

and preferences for them. In questionnaire all questions were of close ended type.

Scope of Study

This study is conducted within Surat city only and outcome of this study may only applicable to

investors situated at Surat city. Hence the scope of the study could be limited to Surat city only.

Other researcher may conduct same kind of survey for other city or in any part of the country

to measure the same.

Data Collection

Secondary data is collected from reports of IDRA (Insurance Development and Regulatory

Authority), report of Economic Survey and other journals article referred for literature review.

Primary data collection is done through personal interviewing investors – 104 respondents, and

with use of email to investors – 46 respondents, who had invested at least in one of the life

insurance plans. The website www.surveymonkey.com is used to collect online data, so

computer savvy investors could also respond through online survey.

Interpretation and Analysis of Data

Awareness and preferences of investors could be reflected by market share of companies in the

market. Hence following chart is prepared to understand market share of various companies in

life insurance sector.

Figure 1. Market share of life insurance companies during year 2011-12

Above chart of market share is derived on the basis of total premium collected by insurance

companies during year 2011-12.

From the above figure we can interpret that LIC is the market leader and has market share of

more than 70%. At second level ICICI Prudential, SBI Life and HDFC Standard are having 3-5%

market shares respectively. Other few companies are having about 2-1% market shares and at

last total market share of few of the companies is very less i.e. 3.52%.

LIC 70.63%

ICICI Prudential 4.88%

SBI Life 4.57%

HDFC Standard 3.55%

Bajaj llinanz 2.61%

Max New York 2.22%

Birla Sun Life

2.05% Reliance

1.91%

TATA AIG 1.26%

Kotak Mahindra

1.02%

MetLife 0.93%

Aviva 0.84%

Others 3.52%

Market share is directly affected by awareness and preferences of investors for various

companies. Following table explains about awareness about various life insurance companies

and respondents who had taken the life insurance.

In following table few of the respondents has not responded. Hence number of respondents

could be different for who are aware or who has taken life insurance. Such figure is mentioned

as out of the number of respondents, who had responded for that question.

Table 3. Awareness about various Life Insurance Companies

Name of Life Insurance Company Known Insurance taken

Life Insurance Corporation of India (LIC) 110/113 101/125

Bajaj Allianz Life Insurance Company Ltd. 73/113 17/125

Birla Sun-Life Insurance Company Ltd. 66/113 5/125

HDFC Standard Life Insurance Co. Ltd. 78/113 19/125

ICICI Prudential Life Insurance Co. Ltd. 75/113 15/125

ING Vysya Life Insurance Company Ltd. 56/113 0/125

Max New York Life Insurance Co. Ltd. 77/113 14/125

MetLife Insurance Company Ltd. 51/113 1/125

Kotak Mahindra Old Mutual Life Ins. Co. Ltd. 63/113 8/125

SBI Life Insurance Company Limited 72/113 12/125

TATA AIG Life Insurance Co. Ltd. 56/113 3/125

Reliance Life Insurance Co. Ltd. 58/113 5/125

Aviva Life Insurance Co. Pvt. Ltd. 53/113 3/125

Sahara India Life Insurance Co. Ltd. 32/113 1/125

Shriram Life Insurance Co. Ltd. 19/113 0/125

Bharti AXA Life Insurance Co. Ltd. 59/113 2/125

Future Generali India Life Insurance Co. Ltd. 33/113 0/125

IDBI Fortis Life Insurance Co. Ltd. 29/113 0/125

Canara HSBC Oriental Bank of Commerce Life Insurance Corp.ltd. 15/113 1/125

AFGON Religare Life Insurance company limited. 21/113 1/125

DLF Pramerica Life Insurance Co.ltd. 13/113 1/125

Star Union Dai-ichi Life Insurance Co.ltd. 18/113 0/123

India First Life Insurance Company Limited 23/113 0/125

Awareness: From above table we can observed that most of the respondents are aware about

LIC (Life Insurance Corporation of India). Many of them are aware about Bajaj Allianz, HDFC

Standard, ICICI Prudential, SBI life and Max New York Life. About 50% of respondents are aware

about Birla, ING, Kotak, Tata and Reliance for their Life insurance business. While for other life

insurance companies awareness is very less among respondents.

Insurance Taken: From above table we can observe that most of the respondents have invested

in insurance plan of LIC. Few of them have gone for few of private life insurer. Out of 23

insurance companies, 8 life insurers have hardly only 1-3 policy holder, 6 companies were

found such that not a single respondent has taken their insurance plan.

From above information it can be interpreted that awareness and stat of life insurance taken

are directly related with each other. But to check whether this relation is spurious or real, we

need to check following hypothesis.

H0: There is no significant relationship between awareness about Life Insurance Company and

state of life insurance policy taken for that company.

H1: There is significant relationship between awareness about Life Insurance Company and

state of life insurance policy taken for that company.

Table 4. Pearson Chi-Square tests

Name of Life Insurance Company Asymp. Sig.

Life Insurance Corporation of India (LIC) 0.029

Bajaj Allianz Life Insurance Company Ltd. 0.002

Birla Sun-Life Insurance Company Ltd. 0.05

HDFC Standard Life Insurance Co. Ltd. 0.012

ICICI Prudential Life Insurance Co. Ltd. 0.002

ING Vysya Life Insurance Company Ltd. NA

Max New York Life Insurance Co. Ltd. 0.005

MetLife Insurance Company Ltd. 0.274

Kotak Mahindra Old Mutual Life Ins. Co. Ltd. 0.017

SBI Life Insurance Company Limited 0.026

TATA AIG Life Insurance Co. Ltd. 0.076

Reliance Life Insurance Co. Ltd. 0.336

Aviva Life Insurance Co. Pvt. Ltd. 0.058

Sahara India Life Insurance Co. Ltd. 0.099

Shriram Life Insurance Co. Ltd. NA

Bharti AXA Life Insurance Co. Ltd. 0.165

Future Generali India Life Insurance Co. Ltd. NA

IDBI Fortis Life Insurance Co. Ltd. NA

Canara HSBC Oriental Bank of Commernce Life Insurance Corp.ltd. 0.013

AFGON Religare Life Insurance company limited. 0.042

DLF Pramerica Life Insurance Co.ltd. 0.007

Star Union Dai-ichi Life Insurance Co.ltd. NA

India First Life Insurance Company Limited 0.048

From above testing we cans say 95% level of significance that our of 23 companies for 12

companies having significance values less than 0.05, there is significant relationship between

awareness about those companies and stat of policy of those companies taken by retail

investors.

For 6 companies having their significance values more than 0.05, we cannot ensure at 95% level

of significance that the relation between awareness and stat of insurance taken for those

companies is significant.

For rest 5 life insurance companies, as none of the respondents has taken even a single policy

of we cannot apply chi-square test to test the hypothesis. But at the same time we check with

table 4 and table 3, that awareness levels for those companies are also very low.

Only past behaviour may not determine future behaviour. Increase in knowledge as well as

dynamics in the market may also influence future behaviour of investors. Hence in one of the

question current preference about the insurance companies were asked. Following data shows

the statistic of that question.

Table 5. Preferences for various life insurance companies

Name of Life Insurance Company Preference %

Life Insurance Corporation of India (LIC) 66/90 73.33

Bajaj Allianz Life Insurance Company Ltd. 18/90 20.00

Birla Sun-Life Insurance Company Ltd. 8/90 8.89

HDFC Standard Life Insurance Co. Ltd. 28/90 31.11

ICICI Prudential Life Insurance Co. Ltd. 25/90 27.78

ING Vysya Life Insurance Company Ltd. 1/90 1.11

Max New York Life Insurance Co. Ltd. 13/90 14.44

MetLife Insurance Company Ltd. 2/90 2.22

Kotak Mahindra Old Mutual Life Ins. Co. Ltd. 10/90 11.11

SBI Life Insurance Company Limited 32/90 35.56

TATA AIG Life Insurance Co. Ltd. 8/90 8.89

Reliance Life Insurance Co. Ltd. 9/90 10.00

Aviva Life Insurance Co. Pvt. Ltd. 4/90 4.44

Sahara India Life Insurance Co. Ltd. 3/90 3.33

Shriram Life Insurance Co. Ltd. 0/90 0.00

Bharti AXA Life Insurance Co. Ltd. 3/90 3.33

Future Generali India Life Insurance Co. Ltd. 0/90 0.00

IDBI Fortis Life Insurance Co. Ltd. 3/90 3.33

Canara HSBC Oriental Bank of Commernce Life Insurance

Corp.ltd. 1/90

1.11

AFGON Religare Life Insurance company limited. 0/90 0.00

DLF Pramerica Life Insurance Co.ltd. 1/90 1.11

Star Union Dai-ichi Life Insurance Co.ltd. 0/90 0.00

India First Life Insurance Company Limited 0/90 0.00

From above table we can say that most of the investor prefers LIC only rather than other life insurance

company. Even (Das, Mohanty, & Shil, 2008) found that 52% of the investors ranked LIC as number one,

33% ranked ICICI as number two and 15% ranked HDFC as number three in Indian insurance industry in

their study.

To perform well each organisation should be aware about expectations from the customers.

Following table helps in understanding preference of investors about various services in life

insurance.

Table 6. Various required services in Life Insurance

Various Aspects related to Life Insurance Score out of 146 %

Over all services provided by insurance companies 101 69

Accessibility of premium collection centers 56 38

Online policy and online payment 47 32

Frequent intimations given by company for premium payment 52 36

Timely payment of amount on maturity 99 68

Minimum hassle during settlement, in case of causality 79 54

Transparency in terms and conditions of insurance contract 84 58

Name of the Company (Well known Company) 86 59

Financial Position of Company 71 49

References given by others 24 16

Good attributes of Agent or Employees 52 36

Flexibility in different aspect of the company (ready to bargain) 23 16

Facility for online payment of premium 42 29

Minimum documentation 58 40

Medical check-up not required 33 23

Charge minimum premium 54 37

Maximum insurance term period provided 51 35

From above table we can understand first of all most of respondents (69%) want overall good

services from life insurance companies. From all these services first important service is to

make payment on of maturity value (68%). Second important factor is image i.e. brand name of

company (59%). Third important factor is transparency in terms and conditions while getting

sign from the investors (58%). Forth is minimum hassle at the time of settlement (54%) and

lastly they also want good financial position of company which ensures their return at the time

of maturity (49%). There are other factors also but former discussed factors are more important

than others discussed in table 6.

Evaluation of companies on the basis of rating various services provided by them may give

better idea about their preference among investors. Following table shows cross tabulation for

average rating of various services provided by top companies selected on the basis of market

share earlier.

Table 7. Top Five Life Insurance Companies on the basis of their various performance

LIC

ICICI

Prudential

SBI

Life

Bajaj

Allianz

HDFC

Life

After sales Services 3.83 3.16 3.31 2.97 3.44

Return 3.84 3.05 3.57 3.12 3.33

Premium Payment Centers 4.09 3.29 3.51 2.90 3.24

Payment mode 4.39 3.61 3.74 3.63 3.74

Professionalism of Employees 3.38 3.50 3.26 3.33 3.91

Professional work environment of company 3.52 3.56 3.38 3.17 3.69

Brand name and past history of company 4.46 3.29 3.84 2.77 3.94

Total Score 27.51 23.45 24.60 21.90 25.29

Table 8. Ranks of Life Insurance Companies as per the preference of investors

Rank Companies Name

1

2

3

4

5

LIC

HDFC Life

SBI Life

ICICI Prudential

Bajaj Allianz

The result of above study (Table 7) about the preference also match with the top five

companies as per the market share in total premium collection during year 2011-12 (Figure 1).

Now to check weather this preferential difference is significant or not following hypothesis

should be tested.

1. H0: There is no significant difference among level of various services provided by life

insurance companies.

H1: There is significant difference among level of various services provided by life

insurance companies.

2. H0: There is no significance difference in preference among top five life insurance

companies

H1: There is significance difference in preference among top five life insurance

companies.

To check above both of the hypothesis ANOVA (Analysis of Variance) can be used.

Table 9. Anova: Two-Factor Without Replication

SUMMARY Count Sum Average Variance After sales Services 5 16.71 3.342 0.10507 Return 5 16.91 3.382 0.10667 Premium Payment Centers 5 17.03 3.406 0.19393 Payment mode 5 19.11 3.822 0.10447 Professionalism of Employees 5 17.38 3.476 0.06653 Professional work environment of company 5 17.32 3.464 0.03923 Brand name and past history of company 5 18.3 3.66 0.41995

LIC 7 27.51 3.93 0.1678 ICICI Prudential 7 23.46 3.351429 0.044581 SBI Life 7 24.61 3.515714 0.047429 Bajaj Allianz 7 21.89 3.127143 0.08329 HDFC Life 7 25.29 3.612857 0.077724

ANOVA Source of Variation SS df MS F P-value F crit

Rows 0.892469 6 0.148745 2.186787 0.079953 2.508189

Columns 2.510926 4 0.627731 9.228663 0.000116 2.776289

Error 1.632474 24 0.06802

Total 5.035869 34

(Prepared with the use of Microsoft Excel)

From above ANOVA table, at 95% level of confidence we can say that there is no significant

difference in various services provided by life insurance companies. But there is significant

difference in perception about various life insurance companies among retail investors. So

there are chances that companies having higher score (LIC) is more preferred than other

companies having low score. Majority (68%) of the investors is of view that the public sector insurance

is better than the private sector (Das, Mohanty, & Shil, 2008).

Conclusion and Suggestion

Even after more than one decade of opening of life insurance sector for private and foreign

players, still LIC is having majority of the market share i.e. more than 70% with highest

preference among the retail investors. Other companies like SBI Life, HDFC Life, ICICI Prudential

and Bajaj Allianz could penetrate in life insurance market but still could not capture significant

market share.

From the study we can also suggest that to increase the market share in life insurance first of all

life insurers are required to generate / to enhance the awareness among the investors. From

the study of few of the important aspect in paper we can also suggest that life insurers are

required to give due weightage to important to various aspects like timely payment of maturity

as well as claim amount, confirm maximum convenience of investor all through the settlement,

have transparency in contact and maintain good financial position to pull off the investors

attention.

Bibliography

Bhat, R. (2005, July-September). Insurance Industry in India: Structure, Performance, and Future

Challenges. VIKALP, Volume 30(Number 3), 93-119.

Das, B., Mohanty, S., & Shil, N. C. (2008, October). Mutual Fund vs. Life Insurance: Behavioral Analysis of

Retail Investors. International Journal of Business and Management, 3(10), 89-103. Retrieved

December 2013, from http://www.ccsenet.org/journal/index.php/ijbm

Das, M., C, L., Atwal, S., & Thapar, S. (2007). A Study on Ris-return Characteristics of Life Insurance

Policies. In R. Nandagopal, & V. Srividya, Emerging Financial Markets (PSG Institute of

Management ed., pp. 61-84). New Delhi: Excel Books.

Insurers working on new ULIPs. (2010, April 18). Hindustan Times.

J. Hari Narayan, IRDA Chairman. (2010-11). Anual Report 2010-11. Hyderabad: Insurance Regulatory and

Development Authority India.

J. Hari Narayan, IRDA Chairman. (2010-11). Hand Book on Indian Insurance Statistics 2010-11.

Heydrabad: Insurance Regulatory and Development Authority India.

Joshi, M. C., & Takodia, T. M. (April 22-23, 2010). The Study of Trends in Life Insurance Sector and

Growth of ULIPs in India. National Conference on Emergining Trends in Insurance Sector - A

Happening Industry (pp. 39-43). Indore: Medi-Caps Institute of Technology and Management.

Keerthi, P., & Vijayalashmi, R. (2009, August). A Comparative Study On The Peception Level Of The

Services Offered By LIC And ICICI Prudential. Indian Journal of Marketing, 40-54.

Khandvel, D. (2011, November). Perception of the Retail Investors towards investment in Mutual Funds

in Puducherry. Internaltional Journals of Research in Commerce & Management, 2(11), 85-87.

Khurana, A. (2009, April). Hybrid Pension Funds: A Comarative Analysis of the Plans of the Leading

Private Life Insurers. Insurance, 51-58.

Kokatnur, S. S. (2009, January). Consumers' Perception of Private Brands: An Empirical Examination.

Indian Journal of Mareting, XXXIX(1), 38-44.

Krishnamurthy, S. (2005). INSURANCE SECTOR: CHALLENGES OF COMPETITION AND FUTURE SCENARIO.

VIKALP, VOLUME 30(No.3), 96-101.

Nandagoal, & V. Srividya, Emerging Financial Markets (PSG Institute of Management ed., pp. 203-216).

New Delhi: Excel Books.

New ULIPs need our node:SEBI. (2010, April 14). The Times of India.

Rajeshwari, K., & Kartheeswari, S. (2012, June). Purchase Decision of Life Insurance Policyholders : An

Outlook. Indian Journal of Marketing, 42(6), 4-14.

Rashmi, B., Nair, N. S., Sabu, K. M., & Unnikrishnan, B. (2007). Awareness of Health Insurance in A South

Indian Population – A Community-Based Study. Health and Population-Perspectives and Issues ,

30 (3), 177-188.Regulatory battle: IRDA sets ade SEBI's order on ULIPs. (2010, April 10). The

Economic Times.

Sandhu, H. S., & Bala, N. (2011, October). Customers’ Perception towards Service Quality of Life

Insurance Corporation of India: A Factor Analytic Approach. International Journal of Business

and Social Science, Vol. 2(No. 18), 219-231. Retrieved from www.ijbssnet.com

Singh, S., & Satpal. (2009). Customer Satisfaction in Life Insurance. Southern Economist, 48(13), 21-24.