Page 18 - IC23 life insurance application

Financial Planning and Taxation

Section A

Trends in financial services market:

We are living in changing times. It is not that there were no changes earlier. Man has

travelled a long distance from stone age to agriculture to industry. Each stage has

brought a social revolution resulting in changes in attitude, social systems, life style

and consequently in market conditions. The present change that we are witnessing

is from the industrial age to information age. The changes today are much faster

than ever before. With information explosion in all matters that we buy or sell, the

informed and the knowledgeable has an edge over the traditional and careless

salesman.

Over the ages it has been seen that the smallest unit in the society changes first.

This means that when economic pressure leads to changes in society, the smallest

units, i.e. the individual and the family are the first to change.

When the Indian society started feeling the pinch of inflation in the seventies and

eighties, individual started looking for working wives and the families for double

income. With the opening up of the Indian economy new markets in the employment

field have sprung up. Jobs with very high pay packet have become available. Young

people today don't bother about the security of job as they do about security of

money. They don't mind going for private job in preference to the secured

government jobs. The booming of information technology has opened up an entirely

new market for education and employment.

Copyright Dr Rakesh Agarwal Sashi Publications Private Limited

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