A major percentage of people in India are suffering from heart diseases, cervical cancer, obesity and diabetes to name a few. According to reports, the number of heart and diabetic patients will increase manifold in the next 10 years in India. This has brought insurance industries to an alarm and they have felt the need of providing insurance facilities in India. Insurance industry has undergone a gigantic change in past few years and major players have come up.
These include financial institutions such as Aviva, Bharti AXA, Kotak Mahindra, Reliance, Aditya Birla among many others. There is no doubt about it that Life Insurance Corporation of India is still the leader when it comes to life insurance but for other types of insurances, especially medical and health insurance, some major financial institutions have come forward. Even people today are realizing the need of health insurance for their families.
Besides life, medical and health insurance in India; another type of insurance is general insurance which comprises fire insurance and marine insurance. They provide compensation for damages in the event of unforeseen circumstances such as fire breakouts in offices and factories, floods, etc.
Today the institutions that are engaged in providing insurance policies in India ensure that they provide the best services. The major reason for this is the cut throat competition among various companies as well as mushrooming of insurance agencies. Therefore you simply have to be the best. Insurance Regulatory and Development Authority (IRDA) is the organization that keeps a control and check on the policies of all insurance agencies in India and ensures that the demand of policy holders is met in an organized manner.
Insurance offers a cover, minimizes all potential risks and safeguards your family and business against unforeseen circumstances. So if you still haven't insured your family or business, do not spend further time thinking and just get going!