Here, my reslutset is scroll insensitive. hence any changes to the database (through other session which is committed) shouldn't be visible to the application after the resultset query is executes. But in my case the changes are made visible.
Which database and JDBC driver are you using? Read the documentation of the driver, a few details might be in there.
Also, the Javadoc (JDK6) for the ResultSet.TYPE_SCROLL_INSENSITIVE constant says:
The constant indicating the type for a ResultSet object that is scrollable but generally not sensitive to changes to the data that underlies the ResultSet.