Prospects of Bancassurance in India

Abstract

Bancassurance is the most valuable channel of distribution for insurance companies. It is basically the marketing of insurance products through the banking network. The entire banking network caters the needs of people in every economic segment and in widely diverse geographical regions. Thus, banks could change the face of insurance distribution. Therefore, this article focuses on the concept of Bacassurance in India, its models, performance and its prospects in India. Currently, life insurers have just touched the tip of the iceberg in terms of penetration with just about 2% of rural population being insured. Bancassure can catalyst the growth of insurance in this huge untapped market