This forum post is dated 08/20/10. If you feel it is old or outdated, please follow up with a question or comment and someone may be able to update it, or reply with newer information if you have it.
Before insurance sector was opened to the private sector Life Insurance Corporation (LIC) was the only insurance company in India. After the opening up of Insurance sector in India there has been a glut of insurance companies in India. These companies have come up with innovative and flexible insutrance policies to cater to varying needs of the individual. Opening up of the Insurance sector has also forced the Lic to tighten up its belt and deliver better service. All in all it has been a bonanza for the consumer.