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Detailed explanation-1: -Listen to this article. At 3.2 % penetration, India ranks 10th in the global life insurance market and ahead of China (at 2.4%) and UK (at 3%), shows a research report published by Benori Knowledge, a research and analytics company.
Detailed explanation-2: -India’s Health Insurance Market is estimated to be USD 122.11 Bn in 2022 and is expected to reach USD 198.45 Bn by 2027, growing at a CAGR of 10.2%.
Detailed explanation-3: -The life insurance market in United States is more than twice as large as the next largest market in terms of life insurance premiums written. Other leading world countries in terms of value of life insurance premiums written were Japan, Germany, China, and the United Kingdom.
Detailed explanation-4: -Life Insurance Corporation of India (LIC) is the most comprehensive government life insurance and Investment Corporation for insurance coverage needs.