Page 33 - Insurance Times Octoberr 2022

IMPORTANCE

OF LIFE

INSURANCE

Life insurance, which we take lightly, which we penetration was much lower at one percent. The overall
should not… penetration for the industry was over four percent in 2021.

How big is the insurance market in India? India's Insurance
…why do we say that? Isn't life precious? Do we
market stands at $131 Bn as of FY22. The Indian insurance
consider it precious? Not really!
industry grew at a CAGR of 17% over the last two decades
and is expected to continue its commendable growth
Look at the figures, which narrate an alarming scenario
trajectory in the future years.
concerning life insurance in India. At least 988 million Indians
- more than the population of Europe and 75% of all Indians,
What is life insurance? Life Insurance provides a definite
are not covered by any form of life insurance. Even if one is
amount of money in case the life insured dies during the term
insured, it is only 8% of what may be required to protect a
of the policy or becomes disabled on account of an accident.
family from financial shock following the death of an earning
member, reveals Government data.
Why life Insurance is needed? To ensure that your
immediate family has significant financial support in the
In the financial year 2021, India's life insurance penetration
event of your demise.
stood at around three percent, while the non-life insurance
Who needs life insurance? Every individual who has a
About the author financially dependent family. Life insurance is for securing
you and your family financially. Everyone wants that their
Deepak Chaudhary children are well-taken care of in their absence. Life
Founder & MD insurance makes sure your loved ones don't suffer financially
Shrigodainsurance4life when you are not around.
The Insurance Times, October 2022 33