Summary |
The life insurance sector which is a booming sector in India has become a very attractive destination for global insurance players. The winds of liberalization and privatization have brought about dynamic and phenomenal changes in the insurance sector. Increased dynamism in the external environment in the form of competition has made it imperative to bring about transformation in the life insurance market. The tremendous growth recorded by India in this sector has been driven by liberalization, with the players both public and private enhancing product awareness and promoting consumer information. Innovative products, attractive pricing strategies, well designing promotional tools and distribution strategies, good quality, customer - centric services have been facilitated by the players. There has been a perceptible shift from the sellers" market to the buyers' market. The IRDA has evolved stringent norms to enhance quality services and to ensure that the insurance services reach both rural and urban masses effectively
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