Ever since the advent of Comprehensive Act of Insurance in 1938, the country has witnessed many changes over the past decades in the insurance sector. Initially, the insurance sector remained confined with urban sector only. It was after the 1970s that insurance did become a matter of concern for rural sector as well. After 1999, on the constitution of IRDAI, there has been a changing face of the insurance sector in India by large.
Launch of New Products
It was endowment policies and money back policies which were prevalent at the beginning. But with the changing face of the insurance sector in India, there has been a rapid change in the products too. Apart from the usual plans, there has been inculcation of child plans, term plans, pension plans, ULIP (investment plans), crop insurance, machinery insurance, fire insurance, etc.
New Digital Era
Over the years, digitalization is seen everywhere. It has been the case with insurance sector too. Purchase of plans, servicing, renewals, payments of premiums online, handling claims online, customer feedback and much more is being done in the insurance sector.
Advent of Digital Payment For Insurance
With the support of our Prime Minister, Shri Narendra Modi the demonetization has been a boon to the insurance sector for insurers as well as the policyholders. There has been a discount of 8 to 10 percent on services related to general and life insurances. Be it buying a new policy or paying premium online through public sector undertaking websites, the result is phenomenal. The insurers get their premiums on time and policyholders get the discounts.
This, in turn, has benefited the entire economy system of India. There has been an accountability of money, generation of taxes and overall improvement in the mainstream economy of the country. In short, when …