Some facts :
Insurance penetration in India is just 4.6 % in life and 0.61 % in general insurance ( annual premium paid as % of country`s GDP )
In terms of insurance density, the numbers are even more alarming - in developed nations like the U.S. insurance density is 33 times that of India, in the U.K. it is 73 times and in Japan i is 65 times.
Even in a country like Thailand, it is double that of India.
The fact that we rank lowly - 12th in Asia is alarming, considering that we are one of the fastest growing economies today.
In a survey, people were asked, if they had adequate insurance to ensure that their family didnt suffer after their death, most Indians were honest enough to say NO.
With such a bad state of affairs, the so called young India, we talk about will probably be a middle / old India, just 15-20 years, down the line, wi th little or no insurance at all.
Insurance is a very easy solution and most insurance companies have low premium, however, you got to select the insurer very carefully.
Indians avoid taking insurance and agents have to follow up, and and agents are perceived as pests rather than professionals.
Bottom line :
Buy insurance, dont wait for the agent to sell it to you, it is your need not luxury.
Insurance penetration in India is just 4.6 % in life and 0.61 % in general insurance ( annual premium paid as % of country`s GDP )
In terms of insurance density, the numbers are even more alarming - in developed nations like the U.S. insurance density is 33 times that of India, in the U.K. it is 73 times and in Japan i is 65 times.
Even in a country like Thailand, it is double that of India.
The fact that we rank lowly - 12th in Asia is alarming, considering that we are one of the fastest growing economies today.
In a survey, people were asked, if they had adequate insurance to ensure that their family didnt suffer after their death, most Indians were honest enough to say NO.
With such a bad state of affairs, the so called young India, we talk about will probably be a middle / old India, just 15-20 years, down the line, wi th little or no insurance at all.
Insurance is a very easy solution and most insurance companies have low premium, however, you got to select the insurer very carefully.
Indians avoid taking insurance and agents have to follow up, and and agents are perceived as pests rather than professionals.
Bottom line :
Buy insurance, dont wait for the agent to sell it to you, it is your need not luxury.
