Volume : 3, Issue : 2, February - 2014

Corporate Social Responsibility in Life Insurance

Javaid Ahmad Bhat, Dr. Nasir Zameer Qureshi

Abstract :

CSR activities started in India by late 1990’s and today have become a medium for most Indian corporate to inclusive growth of Indian society. Life insurance sector of India has also made momentous contribution towards corporate social responsibility. Aviva, a life insurance firm have launched ‘STREET TO SCHOOL’ to educate the underprivileged students. LIC has initiated CSR schemes like Micro insurance, Gift Drishti, Janshree Bima Yogna, Shiksha Sahyog, Golden jubilee foundation e.t.c, as part of their corporate social responsibility drive. Likewise, CSR initiatives viz, Swabhiman scheme of HDFC, Udaan of HSBC, Mobile Medicare (MMU) of India first insurance, Pan India immunization of Max life insurance have noticeably contributed to the welfare of Indian society. The aim of present paper is to study the conceptual framework of corporate social responsibility. The paper as well highlights the CSR initiatives undertaken by the different life insurance companies operating in India. The paper is based on secondary data collected from different sources and websites. The paper concludes that life insurance sector of India has taken a number of initiatives for corporate social responsibility, LIC, being the prominent initiator.