An Analytical study of Life Insurance Corporation of India and Selected Private Life Insurance Companies of India with reference to Kachchh District (Gujarat)

The most important aspect of human life is its uncertainty. In the modern industrialized era, human life and property are inevitably exposed to different kinds and varying degrees of risks and uncertainties. Human life is subject to various risks-bolts from the blue can happen any time. Humans are also subject to diseases, the treatment of which may very costly. On the other hand, property possessed by man is subject to various calamities, natural and man-made. When human life is lost or a person becomes disabled permanently or temporarily, there is a loss of income to the household. The family has to face hand to mouth Situations. Sometimes survival itself is at stake for the dependants. Insurance is a co-operative device which safeguards financially both longevity of human life or premature mishaps when man, out of genuine concern for his dependants, insures his life taking into account the various unforeseeable risk factors that are prevalent everywhere. Insurance Sector has not only been playing a leading role within the financial system but also performs a significant socio-economic function, making inroads into the interiors of the economy. It has also been facilitating economic development with an objective to build an efficient, effective and a stable insurance business in India as well as a strong base to cater to the needs of both the real economy and socio - economic objectives of the country.