*Assistant Professor in Business Management, Khalsa College for Women, Civil Lines, Ludhiana, India.
Online published on 29 September, 2017.
The opening up of the Insurance industry to the private players made the marketing environment competitive hence brought in newer ways of reaching out to the large consumer base. The advent of Bancassurance was further necessitated by the IRDA guidelines which made it mandatory for insurance providers to increase insurance penetration and thereby reach out even to the population living in the remotest of areas in the country. Taking advantage of the vast reach and large customer base of the banks, the insurance companies have tied up with banks to increase their business growth alongwith meeting the IRDA regulations. In the last decade a considerable volume of new business has been generated for life insurance through this route and the present paper is an attempt to study the contribution of Bancassurance in the growth of life insurance business in the last 5 years.
