 Corresponding author: Dr Sumanta Bhattacharya MAKAUT, Public–Foreign-Defence Policy, MPI (oxford University) ORCID ID: 0000-0003-2563-2787.. Copyright © 2021 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0. An analysis on the different insurance policy in India and its role in economy growth and providing people with better life opportunities Dr Sumanta Bhattacharya 1, * and Bhavneet Kaur Sachdev 2 1 MAKAUT, Public–Foreign-Defence Policy, MPI (oxford University) ORCID ID: 0000-0003-2563-2787. 2 Political Science hons (Calcutta University), ORCID ID: 0000-0001-9156-0086. World Journal of Advanced Research and Reviews, 2021, 12(03), 119–123 Publication history: Received on 17 October 2021; revised on 03 December 2021; accepted on 05 December 2021 Article DOI: https://doi.org/10.30574/wjarr.2021.12.3.0993 Abstract A update financial system is a very necessary for the economy growth, insurance industry provides freedom security for the future to all its citizen. In India the government and the insurance industry works together to provide maximum benefit to its people in the form of life and non-life insurance which includes health, travel and vehicle insurance, it is a very old industry, exiting since ancient times in different form, with privatization, we see a rapid rise in insurance industry, where people are saving along with there is domestic saving, FDI has amplified to 74% which has brough in capital income. Farmers, poor and vulnerable people have been benefitted with majority of the health insurance policy in India. we also see a rise in digital insurance. In FY21 the non-insurance recorded 5.19% growth in Growth Direct premiums, where as the market share for general and health insurance has escalated from 47.19% to 48.3% for FY20. In this pandemic the main focus in on health insurance, the government is bringing in new schemes for health sector and incrementing its insurance. Keywords: Financial system; Insurance industry; Health; Life and non-life; Private sector; Economy growth 1. Introduction Financial security is very important in today’s growing world, everyone wants to be financial independent and saving are important when we start earning, insurance ensures you are financial secured and in future can face any type of problems.Today, we have health insurance, car insurance, travel insurance, home insurance and made other. This insurance is very important to make our life secured and our future generation. We have general insurance like mentioned above, apart from other we have life time insurance. Today, we growing demand, insurance help us to protect our economy. Earlier there used to be only banks which offered insurances, today we many individual companies which offer us insurance, whatever we purchase today, in particular a motor bike or a car insurance. There are many reason why we require insurance these days and it is becoming necessary financially security -there is no guarantee that what we earn and save with help us in our future, we can anytime face financial imbalance, so we need to insurance our assets, we can purchase or renew insurance online also. Transfer of risks -the contract of insurance works on the transfer of financial risk from the insured to the insurer. You receive compensation from the insurer during the occurrence of an unpredictable event. Insurance reduces the financial burden. It is important to protect your family and yourself to face any unforeseen emergency. Some types of insurance are necessary as it is part of the law. As per the Motor Vehicle Act of 1988, it is necessary to have a third-party motor insurance for motor vehicles. It also makes retirement secured insurance helps you to save some amount of your income for a long term and make you financial stable even after retirement. Insurance also promotes savings. Insurance sector in India is rapidly growing, it has a played a significantly role in promoting the well-being of its economy, the insurance sector contributes to the