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The origins of life insurance can be traced back to the beginning of human civilization. The Rig Vedic word "Yogakshema," which translates to "well-being," references to a type of societal benefit insurance that the ancient Aryans are said to have established around the year 1000 BC, as stated in the book "Human Aspect of Insurance" written by F.J. Maclean. On June 18, 1583, a policy was taken out on William Gybbons, who lived in London and worked as a salter. This policy was the first known instance of a life insurance policy. In India, the history of life insurance covers 138 years, beginning with the establishment of the first insurance company in 1818 and ending with the nationalisation of the insurance business (1956). During this time period, there were a total of 377 new life insurance companies established, 323 of which had their roots in India while the remaining 54 were located in other countries. The first insurance company in India, the Oriental Life Insurance Company, was established in Calcutta by Europeans who did so in order to provide assistance to the orphans in their community. A number of influential Indians, including Babu Muttylal Seal, Raja Ram Mohan Roy, Prince Dwarakanath Tagore, Ramtanu Lahiri, and Rustomji Cowasji, contributed to the decision to provide Indians with access to insurance coverage. After the Indian government made the decision in 1956 to nationalise the life insurance business, the Life Insurance Corporation was established the following year. There were a total of 245 Indian and international insurers that were taken over by the LIC. Of those, there were 154 Indian insurers and 16 non-Indian insurers, in addition to 75 Charitable organisations. Since the year 2000, LIC has maintained its position as the sole provider of life insurance, and it continues to hold the majority of the market share today. Because it is an investment company, it has consistently been one of the most important contributors to the prosperity of the country. It is important for mobilising household resources and directing them towards long-term expenditures in the development of infrastructure, such as electricity, sewage systems, highways, bridges, industries, and housing, among other things. Acting as a financial conduit between saving and investment is critical to the growth of the Indian economy, which is why it is one of the government's top priorities. In addition, this results in the creation of jobs all over the country. Similar difficulties lie in store for the LIC once it transitions into the private sector market after the year 2000, given that we are all aware that the circumstances of the market in which businesses operate evolve over time. Because of the intensely competitive environment, such enterprises are fraught with problems at every turn. These types of companies improve their competitiveness by delivering superior customer service, expanding their product offerings, reducing their pricing rates, and other similar strategies. LIC is presently experiencing challenges that make it challenging to uphold its reputation. • Inclusive Development: Meaning and Importance Both "inclusive development" and "development" can be traced back to the same root word, "development." Being inclusive means having a feeling of connection, being recognised and treasured for who you are, and getting help from other people so that you can perform at your highest level in whatever endeavour you undertake. The practise of including everyone engages each individual and cultivates a sense of value, both of which are essential for the development of the individual as well as the community in which they live. It is common knowledge that the word "Vasudhaiva Kutumbakam" originates from the Upanishads and is written in Sanskrit. (Kutumbakam + Vasudha + Eva) The terms kutumbakam, vasudha, and eva all have to do with different aspects of the family, but they all relate to the planet. It gives the impression that we are all members of the same household. In the context of this discussion, the term "inclusion" alludes to a more diverse array of communal relationships between different people. Since the time of the civilization that flourished in the Indus Valley, inclusive development has been a central tenet of traditional Indian thought and practise. People in the past constructed buildings for the purposes of making roadways, transporting goods, storing goods, and digging wells. In a manner that is analogous to this, equitable development can be seen in India's time-honored gramme panchayat system, which is also referred to as the village republic. The inclusive development strategy has recently come to the forefront of discussions at the United Nations, the World Bank, and the Asian Development Bank, respectively. Participation, nondiscrimination, and responsibility as standards and principles of human rights are incorporated into the inclusive development approach of the United Nations Development Programme (UNDP). • Importance In a civilised society, we anticipate that people will have long, healthy lives, access to resources for a respectable standard of living, education, and opportunities for participation; all of these things will be made feasible as a result of the process of inclusion. The only way that development can occur is through widespread involvement, and inclusion is what makes this process feasible.

P. Suganthi, Dr. S. Rajaram (2016) the development of the Indian insurance industry from 2007-08 to 2014-15 is discussed in this study in terms of specified financial and marketing characteristics. The time period covered is from 2007-08. This report also includes an examination of trends as well as a calculation of the compound yearly growth rate.

According to Jothi A. L.'s research from December 2014, when the Indian insurance industry was privatized, a ferociously competitive environment emerged. As a result, businesses started selling a diverse range of products in an effort to entice customers, meet their requirements, and achieve customer satisfaction through the customer's optimistic anticipation. The purpose of this research study by is to investigate the question of whether or not socioeconomic characteristics have an influence on the impression that customers have regarding the level of quality provided by life insurance companies.

Sus (Pal, 2007) hil Chandra Pal's study from 2007: In his thesis, which was titled "Insurance industry in new millennium:- A Case of LIC- Challenges and Response," the author's goal was to evaluate not only the aspects of growth and consolidation that led to the organization's establishment on September 1, 1956, but also the saga of income generation and funds management over the years from 1970 to 1990. This evaluation was intended to take place in the context of the insurance industry in the new millennium.

In the research article that Pushpa Kumari (2002) authored and titled "Life Insurance Corporation of India: A Catalyst to Development," she states that the Life Insurance Corporation of India has been making significant contributions to the growth of the Indian economy by encouraging people to save money, investing in various forms of development, and engaging in other forms of activity that augment the growth of the economy.

Research Gap: The research gap of this study is that there are so many researchs have been done by many researchers but the period which is considered by researcher have not taken by any researcher.

Rationale of the Study Life insurance for members of society helps alleviate the financial obligations that could be incurred as a result of an unexpected mortality or a lengthy lifetime for a covered individual. A common expression used in the field of life insurance is "Jeevan k sath bhi aur jeevan k baad bhi." It places an emphasis on the safety of lives that are protected. The objective of nationalising the life insurance market is to make everyone in society feel more secure. This aim applies to all aspects of society. This objective can be accomplished with the help of LIC, as demonstrated in Table 1. The entire quantity of life insurance contracts that have been issued is displayed here. It is evidence of how successfully LIC safeguards people's lives. Research Methodology This research report utilises secondary sources for its material. The information was compiled by researchers using a wide variety of sources, including annual reports published by organisations such as LIC and IRDA, annual reports published by the Government of India, and annual reports published on a variety of websites covering the years 1960-1961 through 2020-2021. The information that was gathered is organised into tables that cover a variety of topics, each of which demonstrates how LIC has contributed to the growth and development of India. Trend analysis and the observation technique are utilised in its dissection. Association, with the assistance of the SPSS software, is used to verify the hypothesis. Role of LIC of India in Inclusive Development LIC have various contribution in different field for building a nation. The table are numerated as below.

Table 1(a): Gross Domestic Saving and GDP Growth

F.Y	Gross Domestic Savings (%)	GDP Growth (%)
1960-61	11.6%	3.72%
1970-71	14.6%	1.64%
1980-81	18.9%	6.01%
1990-91	23.1%	1.06%
2000-01	23.4%	4.82%
2010-11	33.7%	5.24%
2020-21	31.38%	8.95%

Table 1(b): Number of Policies/Lives Covered Under Individual/Group Insurance

(in Lakhs)

F.Y (At the End of the Year	Assurances	Rural Share (in percent)	Group Insurance Schemes	Superannuation Scheme
1960-1961	85.77	36.5	-	-
1970-71	147.85	31.4	3.11	0.08
1980-81	228.12	29.62	63.96	0.49
1990-91	455.68	42.5	169.57	2.43
2000-01	1131.11	55.53	236.68	8.84
2010-11	2404.84	32.76	898.46	81.35
2020-21	2797.13	21.45	835.22	96.45

Source: LIC Annual Report

The table shows that the number of individual Assurances increased 33 times from 85.77 lakhs in 1960-61 to 2797.13 lakhs by 2020-21. This reflects the effectiveness of the policies and practices continued by LIC.

Table 2 Life Insurance Penetration (1960-2021)
(Annual Averages)
This table shows that insurance penetration during 1960-61 to 2020-21 gone up which shows the effectiveness of Life Insurance Industry but still penetration is less.  

F.Y	Life Insurance Penetration (Per Cent)	Life Insurance Density (Rs.)
1960-61	0.66	2.19
1970-71	0.68	4.28
1980-81	0.74	10.98
1990-91	0.84	38.71
2000-01	1.26	187.72
2010-11	4.40
2020-21	3.2

Source: GOI, Economic Survey, various issues; LIC Annual Report, various

LIC and Employment Generation

LIC being a large size of organisation provides a number of employment opportunities directly to public. A number of person are working as an advisor of LIC. This table represents the number of employees and agents. It depicts that number of employees increased 2.48 times from 43848 in 1960-61 to 108987 in 2021-21. However it was 2.7 times in 2000-01 Where as agents on roll increased 8.68 times from 155890 in 1960-61 to 1353808 in 2020-21. If both of these are being added it comes to be more than 14.5 lakhs people are engaged directly or indirectly by LIC in 2020-21. It means that one out of thousand people get job in this oragnisation. Futhermore LIC provides benefits to employees as well agents get benefitted through various incentive schemes. 

Table 3: Number of Employees during 2011-21 F.Y Employees (Total) Female    

Years	Employee	Agents (on Roll)	Employees (Total) Female
2011-12	119767	24295	1278234
2012-13	116711	24470	1172983
2013-14	120388	24867	1195916
2014-15	117453	24776	1163604
2015-16	114773	24368	1061560
2016-17	115934	27890	1131181
2017-18	111979	24510	1148811
2018-19	108684	24009	1179229
2019-20	114498	25602	1208826
2020-21	108987	25192	1353808

Source: LIC Annual Report.

This table shows the trend of employment of LIC during 2011-12 to 2020-21. It depicts that LIC not only provides huge employment it also play a keyrole in the path of women empowerment. Female employee has increased by 1.03 times from 24295 in 2011-12 to 25192 in 2020-21. It means women are also empowered though this organisation.

132 International Journal of Education, Modern Management, Applied Science & Social Science (IJEMMASSS) - January - March, 2023

Table 3(a): Number of Employee and Agents Selected Years (1961-2021)

F.Y	Employees (I)	Agents on Roll (II)	Active Agents (III)	Total Employed (IV)=(I)+(II)
1960-61	43848	155890	125000	199738
1970-71	51938	148214	136578	200152
1980-81	55434	121257	112312	176691
1990-91	96289	489660	414820	585949
2000-01	120158	786516	743064	906674
2010-11	115362	1337064	1293816	1452426
2020-21	108987	1353808	1086000	1462795

Source: LIC annual report

Table 4: Loans Advanced to Various Development Activities During Various Years
(Rupees Crore)

Authorities	2005-06	2010-11	2015-16	2020-21
Electricity: State Board/ Power Corporation	8471.90	7616.61	2222.80	11380.40
Housing  State Govt for Housing Scheme Apex Co-Operative Housing Finance Ltd, Debentures, Bonds etc to Housing Finance Companies	493.60 45.37 3925.00	460.08 42.30 3979.37	10.00 10.00 9977.61	3669.72
Irrigation/Water Supply & Sewerage :-	26.16	24.78	34.00	-
Transport: Bridges/State Road Transport Corporations	128.00	685.58	35.55	4101.92
Other Infrastructure	760.81	2427.22	11274.46	7170.86
Total	13850.84	15235.94	23564.46	26322.90

Source:- LIC annual report

This table shows that the Loan Advanced by LIC in infrastructure development. Which have significant role in nation building. 

Table 4(a). Investment by LIC

	Sector –wise				Investment wise of which
F.Y	Public	Private	Joint	Cooperative	Stock Exchange Securities	Loans	Total
1961	-	-	-	-	503.6	35.2	-
1971	1198.9 (74.82)	239.5 (14.95)	4.7 (0.29)	159.3 (9.94)	1152.7	449.0	1602.4
1981	4707.8 (78.2)	647.2 (10.75)	0.0	665.5 (11.05)	3591.3	2725.6	6020.5
1991	19980.2 (80.24)	3310.0 (13.29)	165.2 (0.66)	1444.3 (5.80)	15871.2	7416.6	24899.7
2001	141256.2 (84.58)	22779.5 (13.64)	799.7 (0.48)	2168.4 (1.30)	140106.0	32155.4	167003.8
2011					1146610.04	85464.75
2021				3669.72	3522547.08	120396.39

Source:- RBI handbooks of Statistics on Indian Economy

Notes:- Figures in bracket are percentage of total. 

This table shows the investment made by LIC in various field. It helped the nation building.

Analysis

H₀₁: GDS have the significant effect on Life Insurance Penetration

		Correlations
		GDS	Life Insurance Penetration
GDS	Pearson Correlation	1	.891**
	Sig. (2-tailed)		.007
	N	7	7
Life Insurance Penetration	Pearson Correlation	.891**	1
	Sig. (2-tailed)	.007
	N	7	7

**. Correlation is significant at the 0.01 level (2-tailed).

The result of correlation is 0.891 which shows that GDS have the strong relation with Life Insurance Penetration. Thus H01 is accepted. 

H₀₂:  Employment Generation by LIC have significant effect on GDP

Correlations
			Employees	GDP Growth
Employees	Pearson Correlation		1	.588
	Sig. (2-tailed)			.165
	N		7	7
GDP Growth	Pearson Correlation		.588	1
	Sig. (2-tailed)		.165
	N		7	7

The result of correlation comes 0.588 which shows that the employment generation by Life Insurance Corporation have significant role in GDP Growth. Thus, H02 is accepted.  

1. Annual report of LIC 2. IRDA Annual report 3. RBI Annual report 4. GOI, Economic Survey, Various Issues 5. P. Suganthi, Dr. S. Rajaram (2016) “An assessment of growth patterns of life insurance sector in India”, International Journal of Marketing & Financial Management, Volume 4, Issue 2, Feb-Mar-2016, pp 31-46. 6. Kumari, Life Insurance Corporation of India: A Catalyst to Development, July 2022