₹5.72 trillion of premiums in FY20. For the same period, the industry had paid benefits worth ₹3.56 trillion to policyholders.The sector protects people from the risk of early mortality, or the risk of outliving resources in retirement years by offering term covers and annuity plans.
These form the very core of life insurance. Bundled solutions that take care of both protection and enable savings—both guaranteed and otherwise—and protection against critical illness and disability are the new comprehensive solutions on the block.
A consumer sentiment survey conducted by BCG in 2020 indicated growing awareness around the need for protection, health and wellness.