The life insurance industry in India stood at Rs 4.2 trillion ($64.6 billion) as of FY17, with insurance penetration at 2.72% and insurance density of $46.5. Total premium recorded CAGR of 10.4% in FY07-17 with private players growing at two times of Life Insurance Corporation of India (LIC) in the same period, gaining market share. We expect a similar trend to continue in future with private players set to register CAGR of 18.4% over FY17-20 vis-à-vis industry growth of 13.5%.
75 years to reach per capita income of $2730, will take only 5 years to add another $2000, FM Sitharaman
Read More