Insurance provider, Aegon Religare, which was the first company in the country to offer an insurance policy to be sold online exclusively, now get 30 per cent of its total business volume from the internet.

Aegon Religare had launched a insurance product sold exclusively online in 2009 when many believed that the product is bound to fail and even regulators were doubtful over its success prospects. A lot has changed for the company and online sales have now become a major selling medium for the company accounting for just under a third of its business.

Yateesh Srivastava, chief marketing officer, Aegon Religare Life Insurance, "Back then it was seen mostly as a kite-flying project that would die a natural death. Nobody really thought it would grow to a distribution channel."

He state run, Life Insurnace Corporation (LIC) is the leading player in the insurance market with a market share of 80 per cent. The company has a huge army of nearly 1.2 million agents across the country for selling insurance policies. LIC is not realizing that the customer preferences have changed and young and technology savvy customers are looking for other ways to purchase products.