An untimely loss of the primary wage earner’s life can cause severe financial stress to the surviving family. Life insurance stands to financially protect the survivors, should such an untoward event occur. What is alarming that only 327 million life insurance policies were in-force as of March 2022 against a total population of about 1.4 billion.
Also, Indians had less than 10% of the required financial protection against mortality. Clearly, the value proposition of life insurance is not well understood by the larger population. At the same time, those who appreciate and buy life insurance continue getting dropped due to many reasons.
