Odisha News, Odisha Latest news, Odisha Daily - OrissaPOST
  • Home
  • Trending
  • State
  • Metro
  • National
  • International
  • Business
  • Feature
  • Entertainment
  • Sports
  • More..
    • Odisha Special
    • Editorial
    • Opinion
    • Careers
    • Sci-Tech
    • Timeout
    • Horoscope
    • Today’s Pic
  • Video
  • Epaper
  • News in Odia
  • Home
  • Trending
  • State
  • Metro
  • National
  • International
  • Business
  • Feature
  • Entertainment
  • Sports
  • More..
    • Odisha Special
    • Editorial
    • Opinion
    • Careers
    • Sci-Tech
    • Timeout
    • Horoscope
    • Today’s Pic
  • Video
  • Epaper
  • News in Odia
No Result
View All Result
OrissaPOST - Odisha Latest news, English Daily -
No Result
View All Result

Govt schemes increased insurance penetration: Economic Survey

IANS
Updated: January 31st, 2023, 15:12 IST
in Business
0
Insurance policies where premium is above Rs 5L no more tax exempt

Pic- IANS

Share on FacebookShare on TwitterShare on WhatsAppShare on Linkedin

Chennai: Insurance adoption and penetration in India increased largely due to government schemes and financial inclusion initiatives, said the Economic Survey 2022-23 tabled in the Parliament Tuesday.

The government’s flagship initiative for crop insurance, Pradhan Mantri Fasal Bima Yojana (PMFBY), has led to significant growth in the premium income for crop insurance.

Also Read

Air India

Air India plane crash: Civil Aviation Minister says AAIB’s preliminary report to be released on…

8 hours ago
BSE, NSE, Sensex, Nifty, Stock market

Sensex, Nifty tumble nearly 1% on selling in IT, auto stocks

10 hours ago

Ayushman Bharat (Pradhan Mantri Jan Arogya Yojana) (AB PMJAY) aims at providing a health cover of Rs 5 lakh per family per year for secondary and tertiary care hospitalisation, the Survey notes.

Important government initiatives, strong demographic factors, a conducive regulatory environment, increased mergers and acquisitions (M&A), product innovations, and vibrant distribution channels are supporting the insurance market’s growth.

According to the Survey, India poised to emerge as one of the fastest-growing insurance markets in the coming decade. The insurance penetration in the country has increased from 2.7 per cent around the turn of the millennium to 4.2 per cent in 2020 and remained the same in 2021.

The life insurance penetration in India was 3.2 per cent in 2021, almost twice more than the emerging markets and slightly above the global average.

However, most life insurance products sold in India are savings-linked, with just a small protection component. Hence, households remain exposed to a significant financing gap in the event of the premature death of the primary breadwinner, the survey notes.

Citing a Swiss Re Institute World Insurance report the Economic Survey said India is expected to emerge as one of the top six insurance markets in the world by 2032, ahead of Germany, Canada, Italy, and South Korea.

Further, growth in the non-life insurance sector is likely to be driven by demand for health coverage, with people more aware of health security post-Covid-19 and strong support from the government-sponsored mass health programme (Ayushman Bharat).

Compulsory motor third-party insurance will multiply as India’s middle class expands and buys more cars.

The digitisation of India’s insurance market goes beyond telematics and customer risk assessment. Many digital platforms have emerged over recent years, offering various services, including insurance purchases.

The Economic Survey also said, the insurance density in India has increased from $11.1 in 2001 to $91 in 2021 (density for life insurance was $69 and non-life insurance was $22 in 2021) in keeping with the relatively faster expansion of the insurance market in the country.

During FY22, the gross direct premium of non-Life insurers (within and outside India) registered year-on-year (YoY) growth of 10.8 per cent, primarily driven by health and motor segments.

The net incurred claims of non-life insurers stood at Rs.1.4 lakh crore in FY22.

The life insurance premium registered YoY growth of 10.2 per cent in FY22, with new businesses contributing 45.5 per cent of the total premiums received by the life insurers. The life insurance industry paid benefits of Rs.5.02 lakh crore in FY22, out of which 8.3 per cent benefits were on death claims, the survey said.

IANS

Tags: economic surveyEconomyfiscalGDPIndiaNirmala Sitharamanunion Budget
ShareTweetSendShare
Suggest A Correction

Enter your email to get our daily news in your inbox.

 

OrissaPOST epaper Sunday POST OrissaPOST epaper

Click Here: Plastic Free Odisha

#MyPaperBagChallenge

Chinmay Kumar Routray

December 12, 2019
#MyPaperBagChallenge

Akshaya Kumar Dash

December 12, 2019
#MyPaperBagChallenge

Sarfraz Ahmad

December 12, 2019
#MyPaperBagChallenge

Jhili Jena

December 12, 2019
#MyPaperBagChallenge

Pratyasharani Ghibela

December 12, 2019
#MyPaperBagChallenge

Priyabrata Mohanty

December 12, 2019
#MyPaperBagChallenge

Shreyanshu Bal

December 12, 2019
#MyPaperBagChallenge

Adrita Bhattacharya

December 12, 2019
#MyPaperBagChallenge

Debasis Mohanty

December 12, 2019
#MyPaperBagChallenge

Nishikant Rout

December 12, 2019
#MyPaperBagChallenge

Narendra Kumar

December 12, 2019
#MyPaperBagChallenge

Pratik Kumar

December 12, 2019
#MyPaperBagChallenge

Keshab Chandra Rout

December 12, 2019
#MyPaperBagChallenge

Vandana Singh

December 12, 2019
#MyPaperBagChallenge

Sibarama Khotei

December 12, 2019
#MyPaperBagChallenge

Geetanjali Patro

December 12, 2019
#MyPaperBagChallenge

Pitabas Tripathy

December 12, 2019
#MyPaperBagChallenge

Subhajyoti Mohanty

December 12, 2019
#MyPaperBagChallenge

Akriti Negi

December 12, 2019
#MyPaperBagChallenge

Arya Ayushman

December 12, 2019
#MyPaperBagChallenge

Adyasha Priyadarsani Sendha

December 12, 2019
#MyPaperBagChallenge

Ramakanta Sahoo

December 12, 2019
#MyPaperBagChallenge

Tapaswini Mallick

December 12, 2019
#MyPaperBagChallenge

Parbati Mohanty

December 12, 2019
#MyPaperBagChallenge

Tabish Maaz

December 12, 2019
#MyPaperBagChallenge

Mandakini Dakua

December 12, 2019
#MyPaperBagChallenge

Jyotshna Mayee Pattnaik

December 12, 2019
#MyPaperBagChallenge

Anshuman Sahoo

December 12, 2019
#MyPaperBagChallenge

Adweeti Bhattacharya

December 12, 2019
#MyPaperBagChallenge

Smitarani Sahoo

December 12, 2019

Archives

Editorial

Toll Sucks Life

Nitin Gadkari
July 9, 2025

Union Road Transport and Highways Minister Nitin Gadkari took everyone by surprise when at a function in Nagpur, where the...

Read more

Bloodline

BJP-Shiv Sena
July 8, 2025

The coming together of the Thackeray cousins – Raj Thackeray, chief of the Maharashtra Navnirman Sena (MNS) and Shiv Sena...

Read more

Acknowledge Failure

Deputy Chief of Army Staff Lieutenant General Rahul R Singh
July 7, 2025

Deputy Chief of Army Staff Lieutenant General Rahul R Singh’s candid revelations about Operation Sindoor at a FICCI event ‘New...

Read more

Politics of Philosophy

AAKAR PATEL
July 6, 2025

The BJP’s constitution (Article 3) says, “Integral Humanism shall be the philosophy of the party.” The party’s membership form has...

Read more
  • Home
  • State
  • Metro
  • National
  • International
  • Business
  • Editorial
  • Opinion
  • Sports
  • About Us
  • Advertise
  • Contact Us
  • Jobs
Developed By Ratna Technology

© 2024 All rights Reserved by OrissaPOST

  • News in Odia
  • Orissa POST Epaper
  • Video
  • Home
  • Trending
  • Metro
  • State
  • Odisha Special
  • National
  • International
  • Sports
  • Business
  • Editorial
  • Entertainment
  • Horoscope
  • Careers
  • Feature
  • Today’s Pic
  • Opinion
  • Sci-Tech
  • About Us
  • Contact Us
  • Jobs

© 2024 All rights Reserved by OrissaPOST

    • News in Odia
    • Orissa POST Epaper
    • Video
    • Home
    • Trending
    • Metro
    • State
    • Odisha Special
    • National
    • International
    • Sports
    • Business
    • Editorial
    • Entertainment
    • Horoscope
    • Careers
    • Feature
    • Today’s Pic
    • Opinion
    • Sci-Tech
    • About Us
    • Contact Us
    • Jobs

    © 2024 All rights Reserved by OrissaPOST