 "Charting a new growth path: Budget highlights falling insurance penetration")
Challenges
- Trust deficit and low financial literacy are hindering higher insurance penetration
- Limited choice of insurance products and absence of people-friendly claim settlement mechanism is leading to lower insurance coverage in rural India
Takeaways
Also Read
- Hike in FDI limit for insurance sector is expected to foster innovation and bring in more players
- India’s insurance market is poised to grow the fastest among G20 countries, according to the Economic Survey, in alignment with Irdai’s motto of ‘Insurance for All’ by 2047