The idea of insurance was conceptualized in the 12th century. Life is full of unexpected events that can change life forever. The concept has undergone several changes. Once it was viewed as the shelter to the family members. Later it has become a tax saving instrument than protecting the kith and kin. Compared to developed countries, the growth of insurance is not appreciable in India though there is wide scope. This millennium brought in marketable changes and the insurance corporations have to meet new challenges and competitors. There is abundant potential for insurance in India, so, the global players are playing a stiff competition.