The banking and insurance industry have changed rapidly in the changing economic environment through out the world. Together Banking and Insurance Industry contributes about seven percent GDP of our economy. The increased pace of market competition due to liberalization and privatization forced life insurers to be competitive by cutting cost and serving in a better way to the customers. In view to reach huge untapped market, the concept of Bancassurance was introduced by the IRDA. Banc assurance is a new and an emerging model of channel of distribution adopted by almost all the life insurance players to increase the market share and insurance penetration. The present empirical based study was conducted with an objective to understand the role of banc assurance in Indian life Insurance Industry and to measure customer awareness, satisfaction and perception towards buying life insurance products from banks. The study was based on both primary and secondary data and simple percentage method was used for data analysis. The area of study confined to selected areas of Jabalpur district and total sample size was 100 selected through random and convenience sampling method. The various concepts related to banc assurance have been discussed in this paper. Banc assurance would accelerate the growth of life Insurance business, reduce cost, Low awareness of banc assurance among customers and second preferred distribution channel by customers are some of the main findings of study. The research findings will be useful for all the three segments including banks, life insurers and customers. The paper concludes that there is a tremendous scope and growth opportunity available for banc assurance in future in the Indian life Insurance market
Banc assurance, Customer Awareness, Customer Satisfaction, Customer perception, Distribution channel, Marker Penetration, Life Insurance Industry
