Press Release Summary = RNCOS Research: (http://www.marketsmonitor.com/category/FM004.html) Faced by stiff competition from private players, the government life insurance company gearing up to meet the new challenge.
Press Release Body = RNCOS Research: (http://www.marketsmonitor.com/category/FM004.html) In order to interact more with the masses and to propagate cognizance, Life Insurance Corporation of India has started out on a journey across the country by railroad train. This marathon journey will help LIC to communicate with the common people and impart a better understanding about the services and schemes they offer. Professionals from the insurance sector anticipate LIC to introduce reasonably low cost insurance plans for people from the weaker sections and the rural community of the country.
According to the chairman of LIC, they have already requested the Insurance Regulatory Development Authority's (IRDA) permission to commence upon a micro insurance scheme targeting the countryside or village business hub.
Furthermore LIC has exhorted the government to permit it to collaborate with several other general insurance companies to achieve this end. The insurance company has already started marketing its latest offerings in life insurance coverage, post retirement income schemes, and retirement funds.
In its very first year LIC managed to sell 3.2 crore policies, with its revenue from premiums rising by 47% to reach the Rs.18, 000 crore mark, whereas the last year's premium income stood at 12,200 crore. In 2004-05 the company could sell only 2.4 insurance policies. The insurance company has posted a net income of Rs. 5,780 crores right through 2005-06.
The latest market research report by RNCOS titled, "Indian Insurance Industry Forecast (2007-2009)" provides a clear perception of the nascent developments and the upcoming projections. The report addresses major issues affecting the sector in detail.
The major areas of interest and opportunity in the report "Indian Insurance Industry Forecast (2007-2009)"are: · Overview of the international insurance sector · The Indian insurance sector as seen from an international viewpoint · Detailed assessment of the main competitors in this sector with the aid of tables and graphs. Future projections, prospects and obstacles faced by the major companies in the Indian insurance sector are also discussed. · Latest drifts and progress in the Indian insurance sector. · The main motivating influences in the insurance sector in India · In-depth company study of the key competitors in the insurance industry in India
There are total 15 contenders in the Indian insurance sector. Almost 72% of the total market is controlled by the Public Sector Life Insurance Corporations. Insight into the major contenders in the Indian insurance sector is also provided in the report.
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