Journal of Advances in Developmental Research

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The Rise, fall, and Resurgence of ULIPs in India's Life Insurance Market: A Comprehensive Analysis

Author(s) Bulusu Viswanadham, Dr. P. Pinakapani
Country India
Abstract The liberalization of India's insurance industry commenced relatively late, following the enactment of the Insurance Regulatory and Development Authority (IRDA) Act in 1999. Rather than privatizing public sector giants LIC and GIC, the government opted to allow private sector participation while retaining these state-owned entities. This strategic decision led to the emergence of private insurers through joint ventures with global players in 2000, fundamentally transforming the market landscape. The ensuing competition between public and private insurers catalyzed significant innovations, including expanded distribution channels, enhanced regulatory frameworks, and novel product offerings - most notably, Unit Linked Insurance Plans (ULIPs). These hybrid products, combining investment and insurance components, revolutionized the life insurance segment by offering long-term wealth creation alongside risk coverage. This study specifically examines the fluctuating market performance of ULIPs across private insurers and LIC from 2003 to 2014, analyzing first-year premium data sourced from IRDA Annual Reports and Economic Survey of India documents. The research employs quantitative methods including growth rate analysis, percentage contribution assessment of ULIP premiums, and non-parametric testing using the Mann-Whitney U test (equivalent to Wilcoxon's rank sum z-test), processed through SPSS version 20. This methodological approach enables a robust evaluation of ULIPs' dynamic trajectory within India's evolving insurance ecosystem.
Keywords LIC, ULIP, GDP, Mann Whitney Test, Indian Economy
Published In Volume 7, Issue 2, July-December 2016
Published On 2016-12-06
Cite This The Rise, fall, and Resurgence of ULIPs in India's Life Insurance Market: A Comprehensive Analysis - Bulusu Viswanadham, Dr. P. Pinakapani - IJAIDR Volume 7, Issue 2, July-December 2016.
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