CONTENTS Forward 1 Preface 3 List of Tables 5 List of Graphs 9 1. History of Insurance 11 2. Nature and Classification 28 3. Important Aspects of Insurance Business 44 4 Organisational Setup of LIC 50 5. Insurance Laws in India 62 6. Types of Insurance 83 7. Investment Pattern of LIC 90 8.Insurance and Social Security 105 9. Classification of Insurance Companies 112 10. Opportunities and Challenges 117 11. Research Methodology 127 12. Income and Outgo of LIC 139 13. Composition and Utilisation of Income 147 14. Life Insurance Fund 161 15. Composition of Investment 165 16. Assets of LIC 175 17. Insurance Plans 178 18. New Business of LIC 182 19. Business in Force 212 20. Claim Settlement 226 21. Productivity of LIC 234 22. Summary and Findings 251 23. Conclusion and Suggestions 263 Bibliography 265