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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.
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Francis Rodrigues
Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.
Written By:
Vishal Subharwal
Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.
Reviewed By:
HDFC Life
Reviewed by Life Insurance Experts
HDFC LIFE IS A TRUSTED LIFE INSURANCE PARTNER
We at HDFC Life are committed to offer innovative products and services that enable individuals live a ‘Life of Pride’. For over two decades we have been providing life insurance solutions - protection, pension, savings, investment, annuity and health.
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