Insurance penetration in India at 3.69%, one of the lowest across the world1 min read . Updated: 23 Feb 2019, 07:45 AM IST
- According to the IRDAI report, the life insurance penetration was at 4.6% in 2009 but visibly showed a downward trend after that
- The new business premium for life insurance has increased from Rs. 9,707.4 crore in FY 2000-01 to Rs. 19.41 trillion in FY 2017-18
Mumbai: If you don’t have an insurance policy, you are not alone. Insurance penetration in India continues to be one of the lowest at 3.69%, according to the annual report by IRDAI. “Insurance penetration in India was at less than 1% when the industry opened up for private companies in FY 2000-01. (Insurance penetration is calculated as first year new business premium to GDP)," said Anand Pejawar, president-operations, IT and International Business, SBI Life Insurance.
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