Insurance sector globally has tremendous opportunities for growth due to improved awareness and literacy among masses and it occupies an important place in the complex modern world. To cover the risk factor life insurance sector is the biggest in the world with about 360 million policies which are expected to increase at a Compound Annual Growth Rate (CAGR) of 12-15 per cent over the next five years. The insurance industry plans to hike penetration levels to five per cent by 2020.. The present paper is an attempt to analyse the growth of insurance sector in India and initiatives taken by IRDA for promoting consumer education.