 "Budget 2025-26: Higher FDI limit in insurance to foster innovation")
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
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- 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
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