Penetration of Life Insurance - Need of the Hour
Life Insurance has unique combination of concept and product. Insurance per se has long been a concept but now it has become an inevitable product as house hold needs, the transformation has become evident in Metro, Tier I and Tier II cities. The Tier III and Rural Market still being laggards. The responsibility of changing mind sets with the people lies not only with Insurance Companies, it is also the duty of Regulator/ government to push the insurnace concept via media to the masses. In India and elsewhere the Life Insurance products are still being sold to the customer thus making selling cost huge and chances of mis-selling being high. Hence, the Regulator and the Govt should make their earnest approach in creating awareness for the need of insurance products rather than each companies selling their product with misleading assurances(at large at the ground level). The Regulator should take proactive approach towards creating the awareness among the rural populace. The Concept