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News From Press Life Insurance: Why Indians are living dangerously

Life Insurance: Why Indians are living dangerously

Source: Financial Express Jun 18, 2018

How many Indians are covered by life insurance? According to Irdai’s Handbook 2016-17 (Table 9A), 32.81 crore of policies are in force in the books of life insurance firms in India. Even if we assume that a few lakhs of policies were revived during the year, the total number of in-force policies will not be more than 33 crore. Since many customers are in possession of multiple policies, the total number of people possessing at least one in-force policy will not be more than 30 crore. If we consider those people who are covered by group policies and PMJJBY policies and not by individual policies, even then the number of Indians holding at least one in-force life insurance policy is not likely to exceed 40 crore (with PMJJBY covering 5.35 crore Indians so far). Indians are grossly underinsured So how many people are insurable today? According to most estimates, the figure will be around 80 crore. So, 40 crore Indians have not yet been brought under the ambit of life insurance.

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