Until recently majority of the Indians considered Insurance as an option and not a necessity.
However, due to an interplay of various factors such as upward surge in the costs of living, increasing industrialization and commercialization, educated workforce along with social issues such as number of dependants under the joint family system and absence of adequate aids and protections by the Government, insurance is fast becoming a “must have” for businesses and individuals.
Simultaneously, Indian businesses are adopting global standards and incorporating risk management systems to attract business partners and employees. Thus, insurance in India has become much more than risk-cover simplicitor.