A Study of Claims and Benefits Paid by Selected Private Sector Life Insurance Companies by Using One Way ANOVA

Abstract

Insurance sector in India has grown fast as one of the major drivers and witnessed enormous growth in the recent past. In India insurance sector has classified in to two categories viz., Public sector and Private sector, wherein Life Insurance Corporation (LIC) is sole public sector insurance company. Insurance companies provide various types of risk covers; risk related to life is one of them where payment of claim is guaranteed either on death or on maturity whichever is earlier. The total market size of the insurance sector in India is projected to touch US$350-400 billion by 2020. Present paper is focused on the study of claims and benefits paid by life insurance companies in private sector. Five private life insurance companies have been selected. Study is based on the secondary data which are collected from the annual reports of all selected companies. Time period of five years, i.e., from 2012-13 to 2016-17, has been covered. Statistical tool F-test or ANOVA is used for testing the hypothesis. Data are analyzed manually without using any software and research paper will provide some important findings and suggestions to the companies for their better performance.

Keywords: ANOVA, Claims, Life Insurance, Private Insurance Companies

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