The Study of Trends in Life Insurance Sector and Growth of ULIPs in India

Recently continuous increasing in the contribution of Service Sector in GDP of Indian Economy, Life Insurance Sector is one of most important sector playing its role in the growth of Indian Economy. As Globalisation and Liberalisation has open the doors for foreign companies to enter in to this sector in India, of course through joint venture only, they have identified the potential of the Indian market. Thus numbers of new private companies have started their business in Life Insurance Sector and still numbers of companies are preparing to enter into this sector. IRDA is playing its crucial role in managing all this efficiently in interest of general public.In this scenario, Life Insurance sector has also faced downward growth rate as global melt down during year 2008-09. But now near about all problems have been settled in India and India's insurance sector is zooming to show an unprecedented progressive growth of more than 200% by the period of 2009-10. As Indian Stock market has also achieved stable growth in last more than six months, investment avenues based on it are also performing well afterwards. ULIPs have also shown its increased market-share, in the total insurance business. ULIPs are also well managed by IRDA well, even in terms of ceiling of total charges charged by Insurance companies. IRDA has established detailed guidelines with explanation of the terms used in it. Finally we can say about ULIPs that its performance can be identified by its NAV and its growth, which could be the important variable for the investors for their investment decision