A Study on Rural Customer’s Behavior towards the Insurance Products (Genesis of Insurance Industries in India)
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Abstract
The Indian economy has been among the fastest growing economies of the world for over a decade with annual sustained growth rate of 7-8 percent of GDP. The life insurance market has seen an upward surge and the business have achieved an average growth rate of almost 40 percent after privatization in the year 2000. The opening of the insurance sector to private participation has generated considerable interest in this sector within and outside India. Though the reforms in the insurance sector came only at the end of the last decade, the process of change has been extremely smooth and now insurance industry is thriving with the public and private sectors competing with each other on a level playing field and this process has resulted in expanding the coverage, deepening the penetration and spreading the awareness about life insurance into the rural sector. The insurance industry has grown tremendously with increasing growth rates of industrialization, infrastructure, and savings rate and capital formation. India is on the threshold of rapid economic and social change.
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