Splitting of joint families, absence of social security scheme and opening up of Insurance sector has contributed to increased awareness about life Insurance.
Rigorous advertisement by 23 life Insurance companies has made people realize about importance of Life Insurance.
The total First year Premium of life insurance industry has increased from 9,707 Crores in the year 2000-2001 to 1,07,209 Crores in the year 2012-13, showing a compounded annual growth of 22.16%.
