The present complex nature of market has created sturdy challenges before the business world in the form of designing right product, right price, right placement and right promotion. In order to survive and thrive, a marketer has to focus on these challenges. Amongst, right product is most crucial which requires good and feasible ideas in all industries including life insurance. In fact, life insurance is perceived as an unsought and complicated financial product in India. The present paper is a humble attempt to examine the sources of new life insurance product ideas in LIC of India. The findings of the present study include the sources into six groups such as key stakeholders, workforce, organizational documents and other sources, research unit, competitors, and national and international source. It may be noticed the key stakeholders like Insurance Regulatory and Development Authority of India, actuary, top management, and policyholders play vital role in providing ideas in the new product development process of LIC of India.Sifat pasar yang kompleks saat ini menciptakan tantangan kuat bagi dunia bisnis dalam bentuk bagaimana merancang produk yang benar, harga yang tepat, penempatan dan promosi yang tepat. Untuk bertahan hidup dan berkembang, seorang pemasar harus fokus pada tantangantantangan ini. Di antara tantangan itu, menentukan produk yang tepat, adalah yang paling penting, yang membutuhkan ide-ide baik dan layak di semua industri, termasuk asuransi jiwa. Faktanya, asuransi jiwa merupakan produk keuangan yang dianggap rumit dan tak diminati di India. Makalah ini adalah upaya sederhana untuk mengkaji sumbersumber ide produk asuransi jiwa baru di LIC of India. Temuan dari penelitian ini memasukkan sumber-sumber ide ke dalam enam kelompok; pemangku kepentingan utama, tenaga kerja, dokumen organisasi dan sumber lain, unit penelitian, pesaing, dan sumber nasional dan internasional. Ini menandai bahwa para pemangku kepentingan utama seperti Otoritas Aturan dan Pengembangan Asuransi di India, aktuaris, manajemen puncak, dan pemegang kebijakan memainkan peran penting dalam memberikan ide pada proses pengembangan produk baru LIC of India.

No abstract

No abstract

In modern times, corporate social responsibility (CSR) has become a focus of attention before organisations. The present study purports the critical evaluation of Life Insurance Corporation (LIC) of India pertaining to the CSR activities during the period under the study. The present study includes secondary data through annual reports of the LIC of India from 2010 to 2018. In order to test the hypotheses of the present study, the paired t-test has been applied. The findings of the study reveal that LIC of India has covered around 60 million lives and settled more than 150,000 claims under the group and social security schemes in the year 2017–2018, which is a milestone in the insurance arena. In the year 2017–2018, more than ₹400,000 million had been invested by LIC of India in the social sector, which is a strong indicator of interest of the organisation towards social responsibility. It is also evidenced through this study that there is no significant difference between pre- and post-IRDAI’s compliance, 2013 pertaining to CSR practices of LIC of India.

No abstract