Project Report for International Business EnvironmentINDUSTRY ANALYSIS OF LIFE INSURANCE Sector IN INDIAIndian Institute of Management, LucknowContentsList of Figures 3Summary 51. Introduction to Life Insurance Sector in India 61.1 Evolution of Life Insurance Sector in India 61.2 Insurance Regulatory and Development Authority 71.3 Growth Factors of Life Insurance in India 82 . Objective of the Study 93. Life Insurance Sector in India 104. Analysis of Life Insurance Sector Performance 114.1 Life Insurance Penetration and Density 114.2 Growing Private Sector Participation in the Segment of life insurance 124.3 Market share in the life insurance segment 134.4 Growing demand due to increasing household savings 144.5 Growing affluence of the middle class 154.6 Favorable policy measures 155. Competitive forces and attractiveness of the life insurance market (Porter's five forces analysis) 165.1 Rivalry among competitors 165.2 Threat of substitutes 165.3 Threat of new entrants 175.4 Bargaining power of buyers 175.5 Bargaining power of suppliers 176. Results 187. Conclusions 188. References 19 List of Figures 1.3: Growth rate of life insurance premiums in India, emerging markets and the worldFig. 1.4: Growth of life insurance premiumsFig. 4.1 Life insurance penetration (%)Fig. 4.2 Density of life insurance (USD)Fig.4.3: Share of public and private sectors in the life insurance segment (%) in 2004Fig 4.4: Share of public and private sectors in the insurance segment life (%) in 2012Fig 4.5 Market share of large companies in terms of total life insurance p...... middle of paper ...... consumer attitude and awareness, increase in private and foreign investment, increase projected household savings; all these play a key role in the growth of the industry. With a CAGR of 20.1%, the industry presents a bright future. There are multiple opportunities in urban and low-income retirement markets that can be leveraged to generate huge revenues. Insurance density and penetration remain at very low levels in India. With changing scenarios, it can also be expected to improve in the future with the growth of the industry. The pension market can also be a major market for life insurers in India. Factors such as increasing life expectancy (up to 74 years), increasing savings and increasing private sector employment will fuel the demand for pension plans.8. Referenceswww.ibef.orgwww.licindia.comwww.irda.gov.inarticles.nomictimes.indiatimes.com