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An Analysis of Insurance As an Investment Strategy 53 Sri JNPG College COMMERCE TODAY (A Peer Reviewed Annual Journal) Vol

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An Analysis of Insurance As an Investment Strategy 53 Sri JNPG College COMMERCE TODAY (A Peer Reviewed Annual Journal) Vol An Analysis of Insurance as An Investment Strategy 53 Sri JNPG College COMMERCE TODAY (A Peer Reviewed Annual Journal) Vol. XIII, No. 1 (December, 2018), 53-57 An Analysis of Insurance as An Investment Strategy Tulja Bhavani Assistant Professor of Commerce, Government Degree College, Ibrahimpatnam, Ranga Reddy District, Telangana State, India Publication Info ABSTRACT Article history: Death and Risk in life are certain but Date of Death and Risk are uncertain and this is the Received: 25-08-2018 only reason that we are happy today. Uncertainty is the fundamental fact of life and this Accepted: 14-09-2018 uncertainty leads to fear of risk in life. In spite of taking all necessary precautions, DOI:https://doi.org/10.29320/ accidents occur. So, Insurance is one of the best techniques to face this uncertainty. jnpgct.13.1.9 It is worth interesting to note the origin of the concept of Insurance is as old as the Second Civilization of India that is the Aryan Civilization way back in 1000BC. The Key words: Aryan Civilization or Vedic Civilization gave the idea of “Yougkshema” means a promise Insurance, LIC, to provide community insurance to the risk bearers which are clearly visible in the Indian Angel Broking etc. Scriptures. *Corresponding author: The global insurance industry is one of the largest sectors of finance. It ranges e-mail: [email protected] from consumer to corporate and industrial insurance, and even reinsurance, or insurance of insurance. The major insurance markets of the world are obviously the US, Europe, Japan, and South Korea. Emerging markets are found throughout Asia, specifically in India and China, and are also in Latin America. Indian insurance companies offer a comprehensive range of insurance plans, a range that is growing as the economy matures and the wealth of the middle classes increases. The most common types include: term life policies, endowment policies, joint life policies, whole life policies, loan cover term assurance policies, unit-linked insurance plans, group insurance policies, pension plans, and annuities. General insurance plans are also available to cover motor insurance, home insurance, The present paper aims at understanding the awareness of insurance as an investment strategy with special reference to Angel Broking. INTRODUCTION country’s life insurance scene. However, in the absence of Insurance in India can be traced back to the Vedas. For regulatory systems, scams were almost a way of life at most instance, Yougkshema, the name of Life Insurance of these companies’ funds. Corporation of India’s corporate headquarters is derived As a result, the Government decided to nationalize from the Rig Veda. The term suggests community insurance’ the Life Assurance business in India. The Life Insurance was prevalent around at a form of ‘Community insurance’ Corporation of India was set up in 1956 to take over around was prevalent around 1000BC and practiced by the Aryans. 250 life assurance companies. After the RN Malhotra Bombay Mutual Assurance Society, the first Indian Committee report of 1994 became the first serious document life assurance society, was formed in 1870. Other companies calling for the re-opening up of the insurance sector to like Oriental, Bharat and Empire of India were also set up in private players - that the sector was finally opened up to the 1870-90s. the private players in 2001. The Insurance Act was passed in 1912, followed by a Purpose & Need of Insurance detailed and amended Insurance Act of 1938 that looked Assets are insured, because they are likely to be destroyed into Investments, expenditure and management of these or made non-functional, through an accidental occurrence. companies’ funds. By the mid - 1950s, there were about 170 Such possible occurrences are called perils. Fire, floods, insurance companies and 80 provident fund societies in the breakdowns, lightning, earthquakes, etc, are perils. 54 COMMERCE TODAY [Vol XIII, 2018] Risk: A possibility of loss or damage. It may or may not of the LIC, the study shows the LIC continuous to happen. There has to be an uncertainty about the risk. Insur- dominate the sector. Private sector insurance compa- ance is done against the contingency that it may happen. nies also tried to increase their market shares. Insurance: People/Assets must be exposed to the Nena, S. (2013) has highlighted the growth and perfor- same risks mance of LIC by analysing the major source of income Insurance: Risk is spread among the community and (premium earned) of the sampled unit, as well as the the likely big impact on one is reduced to smaller man- significant heads of the study. The study shows con- ageable impacts on all. sistent increase in LIC business. As private players are coming up now a day, competition is increasing Insurance companies: Collect money in advance and and LIC has made efforts to continue its business. create a fund from which the losses are paid. Shashi, P. (2013), has made an effort to know whether A human life is also an income generating asset. This the implemented strategies have truly helped LIC of asset also can be lost through unexpectedly early India in the changing trends of the society and has death – Accidents may or may not happen. also suggested how these recent trends have helped Living too long can be as much as problem as dying too LIC of India as a whole to manage the existing leading young. These are risks which need to be safeguarded against. position in the Life Insurance market Insurance covers economic or financial loses – tan- Priti Jha and BinduRoy (2015) revealed LIC should gible and intangible assets. strive to increase its business by adopting new mar- keting strategies by issuing more and more policies in REVIEW OF LITERATURE order to retain its market share in the competitive sce- In the present section an attempt has been made to examine nario as well as it should make advertisement to pro- the review of literature related to the study. mote and aware about its policies to the consumers. Bapat, H.B., Soni, B., Joshi, R. (2004) studied the prod- ucts offering of largest public sector, Life Insurance OBJECTIVES OF THE STUDY Corporation of India and the Private Sector giant ICICI The primary objective was to analysis the market and find Prudential Life Insurance Company Limited on the out the scope of insurance as an investment strategy. aspects of applicability of SERQUAL dimensions to The secondary objectives include: current product offering. To do the comparative analysis of different invest- Bedi. H.S. and Singh P. (2011) revealed that there is a ment options available in the market and to bring forth, tremendous growth in the performance of Indian Life thus to the potential customer Insurance Industry and LIC due to the policy of LPG To create awareness on financial investments among and due to the emergence of private sector and open- the customers ing up for foreign players. There is an increasing To analyze the different investment patterns trend towards the investment in stock-market by LIC due to the effective regulation of SEBI and increasing RESEARCH METHODOLOGY transparency of stock market. For the purpose of study, both primary and second- Kotgiri, S. (2013), has focused on working of insur- ary data has been collected. The observational method ance players in Indian scenario and comparison in and survey research method is used to collect the terms of growth in insurance industry and trend of primary data. The survey research method is used to customers of investing amount in particular plans. gain insight into the customer satisfaction towards Some important aspects like amount of important as- Angel Broking Products. The main research instru- pects like amount of investment habits change in atti- ments used the required data is a well-structured ques- tude of customer’s investment, importance given to tionnaire. A detailed questionnaire has been prepared the type of business organization are also analysed. to reflect the opinions of the customers towards An- Sharma, V. and Chauhan, D.S. (2013), analysed the gel Broking products and administered to the same. performance of public and private sector life insur- The necessary data has also been collected from official ance companies in India. Through privatization of records and other published sources. The collected data the insurance sector is feared to affect the prospects is classified, tabulated, analyzed and interpreted. Finally An Analysis of Insurance as An Investment Strategy 55 conclusion is draw based on the study and suggestions is the truth, no matter how carefully the questionnaire has are offered for improving Angel Broking’s customer base. been designed and field investigation has been conducted. Sample Design: The study covers the Hyderabad only and due to the limited sample size, the facts relabeled in the study For ascertaining the awareness of insurance as in- may not generalize. vestment strategy, 50 customers have been randomly selected from the Hyderabad city only. The primary While calculating the percentages, approximations are data was collected through survey that was system- made to the nearest figures, for convenience in under- atically carried in Hyderabad. The responses of the standing. respondents were recorded in the questionnaire pre- The analysis is based on customer’s opinion at the pared for them. The data was collected in through time of survey. Suggestions and conclusions are personal interviews. based on the limited data. Data Collection: Due to time constraint the detailed information can- not be collected, but many efforts are taken to collect There are two types of data collection the actual information. Primary data There was a constraint with regard to time allocation Secondary data for the research study i.e. for a period of 45 days.
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