Insurance penetration low in India
There is a need to increase penetration of insurance in the country as it is below world average.
Hyderabad: Insurance penetration in India is at 3.49 per cent while global average is 6 per cent, as insurance policies are brought for tax benefit and savings undermining the risks, said experts at event held by The Federation of Telangana and Andhra Pradesh Chambers of Commerce and Industry (FTAPCCI) on Thursday.
The seminar on “Insurance – The Need of Emerging India, Focus state Telangana” was attended by finance minister Etala Rajender who said that Telangana government is concentrating on holistic development of people and is providing crop insurance and Rs 5 lakh insurance to farmers.
Mr Sujay Banariji, Member, distribution IRDAs told the gathering that, “Telangana is among top fifteen states in terms of insurance. There is a need to increase penetration of insurance in the country as it is below world average. Insurance has to be made a part of school curriculum, so that children can understand it early, not only as a need but also an opportunity for sustainable employment”.