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Title: :  The Evolving Landscape of Life Insurance in India: LIC's Strategic Adaptation
PaperId: :  25445
Published in:   International Journal Of Advance Research And Innovative Ideas In Education
Publisher:   IJARIIE
e-ISSN:   2395-4396
Volume/Issue:    Volume 10 Issue 6 2024
DUI:    16.0415/IJARIIE-25445
Licence: :   IJARIIE is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

Author NameAuthor Institute
Mrs. AKANSHA MISRAHaridwar University, Roorkee.

Abstract

Insurance
Insurance, Regulatory Framework, Technological Innovation, Customer Protection, Globalization, Private Insurance, Competition, Market
In light of recent guidelines from the Insurance Regulatory and Development Authority of India (IRDAI), the Life Insurance Corporation of India (LIC) is negotiating a complicated regulatory environment. In order to standardize different insurance products throughout the business, including life insurance services, the IRDAI has put new regulations into effect. These modifications aim to guarantee fair competition among insurance companies, advance transparency, and improve customer protection. Being a major player in the industry, LIC is modifying its product line to comply with these rules as the IRDAI becomes more involved in monitoring product design and pricing. This entails updating current policies and creating new goods that adhere to the revised standards. These laws are anticipated to have a major impact since they not only affect LIC's strategic orientation but also the larger insurance market in India. The IRDAI's initiatives, which aim to promote innovation while guaranteeing policyholders appropriate coverage, represent a turning point for LIC and the industry at large and force a reassessment of business procedures and consumer engagement tactics. Over the past ten years, the insurance sector in India has experienced significant expansion and the launch of numerous cutting-edge products. As a result, there has been a fierce competition with a favorable and constructive result. The Indian life insurance market has prepared in every way since globalization in 1991, but it is also up against fierce competition from numerous domestic and foreign private insurance companies. The purpose of this paper is to analyze LIC's future with the new rules that will take effect on October 1, 2024, by looking at and navigating changes in LIC's response to new IRDAI regulations, LIC's strategic adaptation, regulatory shifts, market dynamics, and LIC's position in a competitive insurance market after IRDAI reforms.

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IJARIIE Mrs. AKANSHA MISRA. "The Evolving Landscape of Life Insurance in India: LIC's Strategic Adaptation" International Journal Of Advance Research And Innovative Ideas In Education Volume 10 Issue 6 2024 Page 1296-1299
MLA Mrs. AKANSHA MISRA. "The Evolving Landscape of Life Insurance in India: LIC's Strategic Adaptation." International Journal Of Advance Research And Innovative Ideas In Education 10.6(2024) : 1296-1299.
APA Mrs. AKANSHA MISRA. (2024). The Evolving Landscape of Life Insurance in India: LIC's Strategic Adaptation. International Journal Of Advance Research And Innovative Ideas In Education, 10(6), 1296-1299.
Chicago Mrs. AKANSHA MISRA. "The Evolving Landscape of Life Insurance in India: LIC's Strategic Adaptation." International Journal Of Advance Research And Innovative Ideas In Education 10, no. 6 (2024) : 1296-1299.
Oxford Mrs. AKANSHA MISRA. 'The Evolving Landscape of Life Insurance in India: LIC's Strategic Adaptation', International Journal Of Advance Research And Innovative Ideas In Education, vol. 10, no. 6, 2024, p. 1296-1299. Available from IJARIIE, https://ijariie.com/AdminUploadPdf/The_Evolving_Landscape_of_Life_Insurance_in_India__LIC_s_Strategic_Adaptation_ijariie25445.pdf (Accessed : ).
Harvard Mrs. AKANSHA MISRA. (2024) 'The Evolving Landscape of Life Insurance in India: LIC's Strategic Adaptation', International Journal Of Advance Research And Innovative Ideas In Education, 10(6), pp. 1296-1299IJARIIE [Online]. Available at: https://ijariie.com/AdminUploadPdf/The_Evolving_Landscape_of_Life_Insurance_in_India__LIC_s_Strategic_Adaptation_ijariie25445.pdf (Accessed : )
IEEE Mrs. AKANSHA MISRA, "The Evolving Landscape of Life Insurance in India: LIC's Strategic Adaptation," International Journal Of Advance Research And Innovative Ideas In Education, vol. 10, no. 6, pp. 1296-1299, Nov-Dec 2024. [Online]. Available: https://ijariie.com/AdminUploadPdf/The_Evolving_Landscape_of_Life_Insurance_in_India__LIC_s_Strategic_Adaptation_ijariie25445.pdf [Accessed : ].
Turabian Mrs. AKANSHA MISRA. "The Evolving Landscape of Life Insurance in India: LIC's Strategic Adaptation." International Journal Of Advance Research And Innovative Ideas In Education [Online]. volume 10 number 6 ().
Vancouver Mrs. AKANSHA MISRA. The Evolving Landscape of Life Insurance in India: LIC's Strategic Adaptation. International Journal Of Advance Research And Innovative Ideas In Education [Internet]. 2024 [Cited : ]; 10(6) : 1296-1299. Available from: https://ijariie.com/AdminUploadPdf/The_Evolving_Landscape_of_Life_Insurance_in_India__LIC_s_Strategic_Adaptation_ijariie25445.pdf
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