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Abstract
Indian Insurance sector shows growth of 15 to 20 percent annuall. Indian insurance market is big and have large opportunity due to lage population, untapped market. Indian insurance sector preferred for investment by Indians and NRIs. Globally India become known as the fifth largest insurance market in insurance economies. Growth of insurance sector facilitated by growing interest among people, innovative products and distribution channels.
After liberalisation policies insurance sector is opened to private sector companies due to which number of players incresed to compete in the market which has resulted in improvement in the customer service, offerings of new products and employment opportunities, etc. In the past decade Indian insurance industry has grown significantly.
Overall maturity benefit will be reduced due to changes related to death benefit and surrender value , especially at higher ages serves the purpose of providing life cover. Customer preference, competition and regulatory control are major challenges for this sector. After privatization of insurance sector many industries started insurance business in India. This paper discusses the challenges and opportunities in Indian insurance.