Indian life insurance sector witnessed the entry of a significant number of new players in the current millennium following the relaxation of entry norm for the private players. Against this background, the present study (based University Grants Commission funded Minor Research Project)made an early evaluation of the changing market composition and operating performance of the major life insurers.The study used both parametric and non-parametric approaches for the purpose of evaluation of performance and is expected to meet the needs of the researchers interested in frontier analysis.