Human life is a full of risk. The effective solution of reducing the burden of these    risks / losses is insurance. Insurance occupies an important position in the financial sector of an economy. In a period of less than half a century the insurance sector in a country has come in a full circle from being an open competitive market to compete nationalisation and then back to a liberalised market. The entry of private player’s in the Indian insurance market has change the nature of competition. But LIC (Life Insurance Corporation of India) continuous to be the dominant life insurer even in the liberalised scenario of Indian insurance and it moving fact on a new growth trajectory\ud
surpassing its own past records. Insurance Regulatory and Development Authority (IRDA) has been established to protect the interests of holders of insurance policy and to regulate, promote and insure growth of the insurance industry. The present research work is an attempt to study the performance of LIC after liberalization policy regime. The aim of this study is to evaluate the financial & business performance of LIC for ten years from 1996-97 to 2005-06. This study has been divided into five chapters. The first chapter is introductory in nature and explains overview of the insurance sector. The second chapter focuses on the research methodology of the study. The third chapter evaluates the financial performance of LIC. The fourth chapter analyses the business performance of LIC. While sixth chapter shows summary, findings, conclusions and suggestions for present research study