According to the economic survey, insurance penetration in
the country has grown from 2.3% in 2000 to 3.9% in 2013. Life insurance
penetration has grown from 1.8% in 2000 to 3.1% in 2013 and non-life insurance
penetration from 0.7% in 2000 to 0.8% in 2013. It also said that life insurance
penetration level compares well with the emerging market economies.
According to Swiss Re, overall insurance penetration in
India (measured as percentage of premiums gross domestic product), which was
surging consistently till 2009, has been seeing a gradual decline. However,
while life insurance penetration saw a sharper decline, non-life insurance
penetration has seen some marginal improvement, though it still stands below
one percent.
But compared to emerging markets like Brazil and China,
which have life insurance in India penetration of
2.2% and 1.6%, respectively, India’s life insurance penetration stands better,
said Swiss Re.
According to the economic survey, Pradhan Mantri Jan Dhan
Yojana and the RuPay Card are complimentary and will enable to achieve multiple
objectives such as financial inclusion, insurance penetration and digitization.
Jan Dhan Yojana has offered Rs 1 lakh accident insurance for all RuPay
Cardholders and also Rs 30,000 life insurance for those who enrolled in the
scheme before January 26, 2015.
Source: https://www.policymantra.com/blog/status-of-life-insurance-penetration-in-india/
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