More than 80% of the life insurance business is from Endowment Assurance (Participating), and Money Back (Participating products.
Fire and Miscellaneous insurance businesses are predominant. Motor Vehicle insurance is compulsory.
New products have been launched by life insurers. These include linked-products.
Insurance products from the new insurance companies now give a lot more options to customers. New insurance products are more transparent, flexible & customized to the need of different types of individuals. "Free-look" period of 10 days where customer has the option of returning the policy within 10 days if it does not meet his requirements. Loading of riders to basic range of products & thus providing lots of flexibility to the customers are few of the examples.
Insurance Companies are now providing information about their performance on a regular interval to bring transparency in declaring bonuses.
The Insurance Regulatory and Development Authority (IRDA) has reported that every life insurance company registered under the IRDA (Registration of Indian Insurance Companies) Regulations, 2000, can transact life insurance business which includes 'linked business'. After clearance from IRDA, the insurance companies must launch the products within three months from the date of clearance.
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