Corporate Social Responsibility Practices –A Study of Selected Private Life Insurance Companies in India

IPEM Journal Management > Corporate Social Responsibility Practices –A Study of Selected Private Life Insurance Companies in India

Corporate Social Responsibility Practices A Study of Selected Private Life Insurance Companies in India

Unnati Sharma

Vol 17 , Issue 1 , July 2023 | Pages: 85-95

Published Online: July, 2023

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Author Details

1. Unnati Sharma, Ph.D. Research Scholar, Department of Accountancy & Law, Faculty of Commerce, Dayalbagh Educational Institute (Deemed to be University), Agra (282005) Uttar Pradesh, India

The corporate world cannot disregard the idea of Corporate Social Responsibility (CSR) in the current globalized environment. In the corporate world today, Corporate Social Responsibility is the dominant theme. A company is measured not merely on its performance but also by its contribution to the society as a part of its social responsibilities. The term “Corporate Social Responsibility” describes the activities of the company that meet the needs and welfare of the society. As per the New Company Law Government of India also has made this CSR as mandatory and states that companies have to spend two percent of their, average net profits on CSRprojects with a revenue of exceeding Rs. 100 cr. Adopting CSR practices aids in tackling issues related to thenation’s socioeconomic growth, such as reducing poverty and advancing infrastructure and education. etc. Italso highlights the positive image of the corporate with the public, government organizations. The current study attempts to achieve the goal by highlighting the significance of corporate social responsibility in the current global period as well as by examining the numerous CSR efforts and practises implemented by top private life insurance companies in India. Five Indian private life insurance companies make up the study’s sample, and three years’ worth of data are analysed from F.Y .2019-20 to F.Y. 2021-22. The study makes use of the Ackerman CSR model, which aids in concentrating more on internal policy goals and their connection to CSR. The information was gathered from secondary sources, such as journals, websites, and annual reports of insurance firms. The survey discovered that all of the chosen private life insurance companies in India run their businesses and take the needs of the community into account. study also found that all the private insurers focused on their CSR activities and taking CSR initiatives for the welfare of society.

Keywords

: Corporate Social Responsibility, CSR initiatives, model of CSR.
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Sharma(2023). Corporate Social Responsibility Practices –A Study of Selected Private Life Insurance Companies in India. Issue No. 1. Vol. 17 p. 85-95