Insurance sector has registered a positive growth even during the economic recession conditions and this is the clear indication of the fact that more and more people in India and rest of the world are opting for the insurance policies which provide them a kind of protection shield against the man-made and natural disasters. Insurance plans such as Bajaj Health Insurance, LIC insurance plans have gained much popularity in India.
Insurance sector in India: The insurance sector in India gained the much needed momentum in the year 1999 when the central government nodded for the entry of private players in the sector. The government also allowed FDI up to 26 per cent as the world has been turning into a global village. These initiatives helped the sector to boom and offer new and innovative products and services to cater to the needs of the customers.
Major
insurance providers in India: Life Insurance Corporation of India (LIC) is the largest life insurance company in the country and is owned by the government. Bajaj Allianz Life Insurance Company Limited, ICICI Prudential Life Insurance Co. Ltd., Met Life India Insurance Company Ltd., Birla Sun Life Insurance Co. Ltd., Max New York Life Insurance Co. Ltd., HDFC Standard Life Insurance Co. Ltd., are among the leading insurance providers in India, which offer new and better insurance products to cater to the changing needs and requirements of the customers.
Each insurance company comes out with new and different insurance plans in a bid to differentiate its products from the other competitors. It helps the company to capture more market share and earn huge revenues. However, there are some common insurance plans such as home insurance, health insurance, travel insurance, life insurance which have become more of a necessity in the present time.
Home Insurance: Home insurance works as a protection shield for one's dream home against the natural and man-made disasters such as theft, burglary, fire, earthquake etc. HDFC Home Insurance, ICICI Home Insurance, Allahabad Home Insurance are among the many home insurance plans, offered by the insurance companies with several other benefits as well. With HDFC Home Insurance, there is nothing to worry about that beautiful home, which is nothing less than a precious gift for you.
Life Insurance: Life Insurance Corporation of India (LIC) is the major company in the life insurance field which offer life insurance plans with attractive and secured returns. Max New York Life Insurance is another company in India which offers the insurance plans with assured returns.
Health Insurance: Health is wealth, however one can not foresee the illness or medical emergencies and this is the time when the health insurance plans come to rescue. The person without the health insurance is sure to get shattered with the hospital bills, expenses in medicines, maternity care and many other charges. Bajaj Health Insurance, ICICI Health Insurance, HDFC Health Insurance are among the several other leading companies in India which are offering health insurance plans in India.
Travel Insurance: Travel Insurance protects the insured person against all the odds which one might encounter while traveling. Considering the current situations, opting for a travel insurance is a wise decision and one can easily buy this insurance plan on-line as well. Most of the insurance providers in the country are offering travel insurance plans to suit the individual requirements.
At present, there are plenty of insurance companies in India, and seeing the rising trends in the sector, many more private players will enter the segment. However, ultimately it is the customer who will get the maximum benefits.
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