Life insurance penetration in India stands at about 4 per cent at present. Only 26 per cent of rural and 60 per cent of urban population have life insurance cover.
"There is a huge scope for premium expansion. Life insurance penetration is relatively low in India with premiums/GDP at 4 per cent versus 6 per cent for developed nations. India is the fourth largest life insurance market in Asia ex-Japan and has recorded high 31 per cent CAGR over the past six years in total premiums," Enam said.
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