Analyzing the Growth Trajectory of the Indian Life Insurance Sector
Keywords:
Life Insurance, Insurance Penetration, Insurance Density, Insurance Market, & Life Insurance Market.Abstract
India is the most populous country in the world with approximately 1.40 billion population. As of now, only an insignificant population of the country is covered by life insurance. There have been numerous opportunities in the life insurance sector as the majority of the population has to be covered by life insurance. Life insurance is the most popular insurance across the Indian society. The life insurance market dominates the Indian insurance market in terms of demand, market size, insurance penetration and density, customers, etc. Life insurance penetration in India has exceeded the global figure, whereas life insurance density in India is far away from the global figure. Lack of awareness and high cost of insurance can be attributed to the prevailing pathetic picture of the Indian life insurance sector. Governments and other stakeholders should come forward to take advantage of the opportunity in the sector in the interest of society and the economy as well.
