AN APPRAISAL OF THE PRIVATE LIFE INSURANCE SECTOR IN INDIA AFTER THE LIBERALIZATION ERA

Abstract

The liberalization of India’s insurance sector in 2000 marked a pivotal moment in its economic development. Prior to this, life insurance was monopolized by the state-run Life Insurance Corporation of India (LIC). Liberalization allowed private and foreign players to enter the market, triggering competition, product innovation, and increased market penetration. This research aims to appraise the performance of the private life insurance sector in India after the liberalization era, focusing on the structural changes, market dynamics, regulatory frameworks, and challenges faced by private insurers. It explores the contributions made by private players in expanding the life insurance market and the evolving role of digital transformation in shaping future growth.