Insurance sector has its roots in the Indian economy since 1818 when the first insurance company Oriental Life insurance was established at Calcutta [now Kolkata]. Even the reference can be found in the form of marine adventure trade loans and carrier’s contracts. Industry started taking shape during the British reigning. Since then the insurance industry has undergone the various reforms/changes. Enactment of Insurance Act 1938, nationalization of Life insurance sector in the year 1956, General insurance Sector in the year 1972 and again with the recommendation of Malhotra Committee Report insurance sector reopened for private players in the year 1999. Setup of IRDAI to regulate and develop Insurance Industry and to secure financial stability of the insurance sector was an added incentive too. Various efforts by the IRDAI and the Government of India such as digital channels for marketing, launching of various social scheme such as PMFBY, PMSBY, PMJBY, RSBY for increasing the penetration of insurance segment specially in rural and social sector of India. Still getting insured is the priority for the entrepreneur and professionals only. Hence it is need of an hour to think about the reasons for low penetration of insurance and the ways to foster incessant growth!