Life insurance includes life insurance, general insurance, health insurance, motor insurance and specialised insurers.  It has been projected that the life insurance sector will account for 35 per cent of the country’s total savings. The public sector enjoyed a 66.5% share in the life insurance segment as compared to the private sector, as of December 2018. The Life Insurance Corporation of India is the undisputed leader in the insurance industry in India. The insurance industry has incredible opportunity for growth in areas like health insurance, pension, microfinance, low-income areas, and more.

The internet has also augmented the increase in demand as well as growing consumer awareness about different kinds of insurance. The internet has also opened up new ways of distribution of insurance and evolution of new kinds of products. Insurance companies are investing into IT to expand their reach and meet the needs of their customers.

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Source: IBEF