The insurance sector has enjoyed a strong growth trend over the past few years, although immense potential still exists as a large part of the country’s population continues to remain uninsured. Insurance policy is an agreement whereby an individual or an organization receives financial protection or compensation against specified losses from an insurance company. The insurance is sold to the individual or organization that agrees to make a periodic payment in return for this financial protection. The payment made is termed as a ‘premium’. The Indian insurance industry has been subject to a lot of changes in recent years, and the segment has witnessed the entry of a number of multinational insurance companies. At the same time, the country’s largest insurance company is still owned by the government. Hide this