The Indian insurance sector is conceivably as longstanding as the banking industry, but it has seen a sea change in business expansion and disclosure standards over the past 10-15 years. The Insurance Regulatory and Development Authority of India (Irdai), which was instituted in 2000, opened the insurance sector to private enterprises allowing Indian companies to partner with foreign establishments. This has redefined the insurance sector, allowing common people to have adequate financial cover at reasonable cost. A developed and evolved insurance sector is a catalyst for economic development of a country. It provides long-term funds for various developmental activities and simultaneously strengthens the risk-taking ability of the country.
6 equity mutual funds offer over 25% CAGR in five years
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