Insurance sector in India is seeing major changes in its overall structure. There was a time when Life Insurance Corporation Of India (LIC) was virtually the single provider of insurance plans in India. It is still a major player in the sector, however many new companies have now entered the sector and many have announced their plans to enter the Indian market. Besides LIC, ICICI Prudential, Max New York Life Insurance, SBI Life Insurance, Tata AIG Life Insurance and Birla Sun Life Insurance are among the major providers of insurance plans in India. The cut-throat competition is now pressurizing these insurance players to offer a totally new range of products and services to its customers.

To penetrate further into the sector, LIC is now recruiting direct sales executives which is a completely new channel to increase its distribution. Going by the facts, it successfully hiked its share in the life insurance pie from 55 per cent in 2008 to 65 per cent at present. To cater to the wide range of customers’ aspirations, insurance firms are now coming with an ‘Health Plus Life Combo Product’ offer. Insurance Regulatory and Development Authority (IRDA) has permitted for the policy which will offer the benefits of both life and health insurance. However, this will require a tie-up between life and non-life insurance companies. The policy is ultimately aimed to provide more choice to the customers in India.

Undoubtedly, Insurance Regulatory and Development Authority (IRDA) is keeping a strong eye on the insurance companies and also looks after the interests of the policyholders. Now seems to be the perfect time to opt for an insurance policy and provide your family members an umbrella (insurance) to safeguard their interests, even in the tough times. When it comes to buying a plan, companies have made the whole process as simple as saying ABC. You can even buy a plan online or call the insurance advisor at home. No-doubt, things have really become simple.