BANCASSURANCE – A New Viable Strategy For Indian Financial Sector

Now a day, the banking industry and insurance industry have been rapidly changed. Banking sector and Insurance sector contributes in nation GDP growth; it is life line of any economy. The Indian economy completely changed due to LPG policy introduced by Indian government, the pace of market expand due to LPG policy. The insurance company provided cutting cost services due to competition. In view to reach huge untapped market, the concept of Bancassurance was introduced by the IRDA. Bancassurance is a new and an emerging model of channel of distribution life insurance policy. In India, customers were used to monopolistic attitude of public sector insurance companies because of Government ownership. But now a day, the customers to move over to private insurance companies that are collaborated with foreign companies which are less known to the Indian public would take little more time. The present conceptual based research paper focus on objective, benefits, limitations, awareness and future perspective of Bancassurance