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Life Insurance in India
Last Updated: 25-Feb-2015
The Indian insurance industry was liberalized in 2000 with launch of IRDA followed by sector reforms. With the entry of private sector, the number of players has gone to 24 till 2015. There were several product innovations, and competition became intense. The regulator has become a key player in the environment. Over the years, the industry has weathered all trouble and the fundamentals augur well for long term sustainable growth. In the first decade, there were expansive growth with the sector growing at an impressive 31%. Several regulatory changes were introduced and the market evolved with new customer centric practices in this period. India continues to be a country of savers though we have witnessed a decline in the household savings rate in the past couple of years. India has invested much in gold and real estate and this trend is changing slowly. Demographic factors also signal high growth prospects like growing middle class, exposure to information and awareness, need for retirement planning etc.,