GIC, LIC, UIIC Essay on Bancassurance, Role of Banks in Insurance growth | Descriptive English

Banks play a crucial role in bringing any kind of government schemes or other products to the huge masses of the country, as they have a giant network, but the insurance sector in India has succeeded in penetrating only 3.76% of the entire population of the country so far, which is very poor. So, the concept of bancassurance came to light in which banks and insurance companies have decided to agree to sell life and non-life insurance products to banks’ customers. Bank staff and tellers in this way, become the point of sale and point of contact for the customers.