The Insurance industry of India have seen major growth in the past few years. With the introduction of new products and plans, it has not only helped consumers by providing financial protection but also contributed to the nation’s economy. A well-developed insurance sector acts as the backbone of a nation as it supports the citizens even in the time of recession.The overall insurance programs in India has reached to 3.69% in 2017 from 2.71% in 2011. However, the overall insurance reach in India still remains low. Moreover, the insurance sector in India is expected to reach US$ 280 billion by the year 2020,as expecting. Life insurance or personal insurance is a contract between an insurance company and a policyholder, in which the insurance company provides a required amount, known as a death benefit to the beneficiaries stated in the policy after the death or expiry of the policyholder.
Insurance controls your expenditures and facilitates savings. Moreover, holding an insurance policy would provide you with peace of mind. It ensures financial stability within the family as well as your business.It provides safety.
security against all unforeseen circumstances like accidents, health issues or deaths, both in your personal life as well as in your business.Any insurance policy promotes the economic growth of the policyholder and gives a boost to his or her business or trade, as it encourages and promotes savings so that you are left with considerable sums in your post-retirement period.You will receive good support for your medical expenses without spending a huge hole in your pocket. It ensures a healthy lifestyle of the policyholder as well as his or her dependents.Insurance is a source of pooling of large funds by the way of premium. These funds can be used for promoting the industrial growth of India, thus ensuring its economic growth. These large funds further accelerate the employment rates and opportunities, India is becoming a great source of capital fund.