Liberalization of this sector has helped in bringing about several positive developments including the expansion of the market size, introduction of new products and development of new channel distribution in the market, says B Anand, CEO, Bimaonline, Hyderabad.

The Indian insurance sector has been going through a transition. With the private sector companies having made a foray into the market, the scenario has started to change. Liberalization of this sector has helped in bringing about several positive developments including the expansion of the market size, introduction of new products and development of new channel distribution in the market. However, the most important development is that the insurance companies have become more responsive towards customer needs.

The first visible change can be found in the area of introduction of new products. The most popular among the new products are: The Unit-linked policies. Riders have already been introduced and have become very popular. Some of the new policies introduced are policies with reduction in the premium for non-smokers, policies launched for the future benefits of children along with the coverage of the life of parents, policy for village artisans, travel insurance scheme for students going abroad for higher studies, weather insurance policies, retirement policies and a group personal accident policy issued in the name of school covering all the students of a school.

Indian Insurance Industry, Changing equation,Liberalization , expansion of the market size, introduction of new products , development of new channel distribution,Indian insurance sector , private sector companies,Unit-linked policies,new policies introduced,premium for non-smokers,benefits of children,parents,village artisans,travel insurance,higher studies,retirement policies , accident policy,