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Insurance, in the life of human being works exactly as like a Divine Protection. It can be of Life of human being or any materialistic things. Human being is worried about possessions he has acquired in his life time and is constantly looking out for its protection. Insurance sector is a boon for the citizens of the country as it provides protection against risk of death of human being, destruction of materialistic possessions and also protection against unforeseen risk. Insurance is also a big avenue of savings for the people. Any country's economy grows if the citizens of that country are alert in taking insurance. It leads to the growth of Gross Domestic Product and th Gross Domestic Savings. In India Insurance sector opened up in 18 Century by British. It has seen all the facets of change from unorganised to Nationalised and back to Liberalised Pattern. Today, Insurance has made is unique identity among the people who are risk averse. Still lot more is to be done by the country to cover whole population under insurance. Insurance is divided into three categories; Life Insurance, General Insurance and Re-insurance. The study focuses on the Development of Insurance sector in India and focusing on financial Performance of Life insurance Corporation of India; a Public sector giant.