WHY BANCASSURNCE BUSINESS FOR INDIA

In recent years, bancassurance, a highly suitable channel for distributing insurance products has attracted the attention of the Insurance sector. Banks with their wide network branches can easily connect with a large number of people and offers a great opportunity to increase Insurance business. This add on service also helps the banker to increase its non-interest income. Despite these benefits, the growth of bancassurance is low as compared to developed economies. In the present study, we discussed different models of bancassurance, Eligibility Criteria, and regulatory framework, and the current status of the bancassurance channel in India. The data has been analyzed by using Mean, standard deviation, coefficient of variation, CAGR, AAGR, and T-test. The results revealed that traditional individual agents' contribution is steadily decreased due to the growth of the bancassurance sector. The bancassurance and corporate agent have a dominating role in the insurance business