Life Insurance Penetration in India
According to a UN report, India has the world's largest youth population. This demographic potential gives India an unprecedented edge. Generation Y millennials are characterized in a positive light due to their high expectations, innovative ideas, and great leadership traits, besides others. As far as cultural change is concerned, Indians are adopting lifestyle and cultural patterns of the western world. Besides, they are not restricting themselves to old methodologies but going for new thinking methods.
Life insurance penetration in India
India's growth has a positive impact on numerous sectors including the life insurance sector. Individuals have realized the importance of purchasing insurance plans and hence many people are now investing in the same. Insurance penetration in the country crossed the 3.4 percent mark in the Financial Year (FY) 2016 and is expected to increase to more than 4 percent in FY 2017, according to India Brand Equity Foundation (IBEF). According to an industry report, life insurance companies registered a 26.13 percent growth with business premiums increasing from INR 1,387,60.47 crore in March 2016 to INR 1,75,021.89 crore as on March 2017.
The Government of India has taken numerous steps in this direction and has introduced various schemes. With the goal of providing insurance coverage to all at minimal rates, the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJBY) and Pradhan Mantri Suraksha Bima Yojna (PMSBY) schemes were launched. Other government-run insurance schemes are Rashtriya Swasthya Bima Yojana (RSBY) and Pradhan Mantri Fasal Bima Yojana (PMFBY), besides others. Individuals may, therefore, buy the best life insurance plans and avail of the numerous benefits these policies have to offer.
Market size of insurance penetration
Due to the proliferation of insurance schemes, the number of lives covered was around 36 crore in FY 2015-16 under the health insurance. This figure accounts for 30 percent of the total population of the country. The good news is that there has been an increase every subsequent year, indicating greater scope for insurance penetration in India. It is expected that the life insurance market will cross USD 160 billion in the next 10 years.
There are numerous insurance companies in India that offer a wide range of policies to meet the needs and requirements of every individual. One such company, HDFC Life offers individual and group life insurance plans. There are various plans such as protection plans, children's plans, savings and investment plans, health plans, retirement plans, rural and social plans, group insurance plans, and women's plans, besides many others. These policies help individuals to become financially independent and ensure a protected future. So, get the best life insurance and secure your and your family's financial future.
Income Tax Slab 2021-22
February 17, 2020
Income Tax Return Guide - Details You Should Know
November 07, 2016
Best Tax Saving Investment Options in 2022 (FY 2022-2023)
November 08, 2016
Subscribe to get the latest articles directly in your inbox
14 Best Investment Options In India
October 30, 2018
Short Term Investments: Top 11 Short Term Investment Options For 2022
November 08, 2016
Insurance vs Investment - Did You Get the Right Financial Plan?
November 05, 2018
Popular & Recent Articles
How to Plan for Retirement as Per your Age
"The thumb rule for retirement planning is - the earlier you start, the more you save. However, with age, your priorities change too. So, you need to factor in the cost of living in the present vis- a -vis future."
HDFC Life Insurance Company Limited. CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101.
Registered Office: Lodha Excelus, 13th Floor, Apollo Mills Compound, N.M. Joshi Marg, Mahalaxmi, Mumbai 400 011. Email: [email protected], Tel No: 1800-266-9777 (10 am to 7 pm). The name/letters “HDFC” in the name/logo of the company belongs to Housing Development Finance Corporation Limited (“HDFC Limited”) and is used by HDFC Life under an agreement entered into with HDFC Limited.
For more details on risk factors, associated terms and conditions and exclusions please read sales brochure carefully before concluding a sale.
|BEWARE OF SPURIOUS PHONE CALLS AND FICTIOUS/FRAUDULENT OFFERS
- term insurance plan
- savings plan
- ulip plan
- retirement plans
- health plans
- child insurance plans
- group insurance plans
- long term savings plan
- fixed maturity plan
- monthly income advantage plan
- income tax calculator
- pension calculator
- bmi calculator
- compound interest calculator
- term insurance calculator
- income tax
- tax saving investment options
- best investment plans
- benefits of term insurance calculator
- what is term insurance
- why to invest in life insurance
- tax planning for salaried employees
- how to choose best child insurance plan
- tips for buying retirement plan
- 1 crore term insurance
- importance of saving
- short term saving plans
- types of investment in india
- investment declaration