The impact of privatization in the era of globalization has shown its impact on transformation from the state of monopoly to mushrooming companies offering innovative products to the Indians. The growth in the life insurance sector in the globalized era has showed new heights and the functioning of the private companies has given tough challenge to the Life Insurance Corporation of India (LIC). The entire risk business has started to show significant changes right from increasing insurance penetration to changing the customer mindset about life insurance from the state of risk reducing to investment alternative. Creative practices in marketing and innovative policies have changed the entire dimensions of the life insurance sector. The present research paper aims to bring out the advancement of life insurance sector and also the paper will provide critical analysis on the issues on the changing practices in risk business and the various developments in the past decade.
Bancassurance, Customized benefit illustrator (CBI), i-plans, lapsation, Unit Linked Insurance plans (ULIPs)
