The government could potentially save nearly $10 billion annually by expanding insurance penetration to include underserved populations and events, which could be redirected towards stimulating economic growth, according to a McKinsey report.
This includes providing comprehensive life insurance cover, which could help reduce the burden of ex gratia benefits to families affected by the loss of life or livelihood due to accidents and other unforeseen events. Robust and affordable private health insurance coverage could lessen the strain on public healthcare, freeing government funds to improve India’s healthcare infrastructure, the report stated.
