The following article is an initiative of Liberty General Insurance and is intended to create awareness among readers
The insurance sector, a boon to India’s economic development, is witnessing rapid growth and stepping into next level of growth.
In FY17, premiums income of life insurance companies grew by 14% and touched 4.2 trillion driven by a 26% jump in new business premium, and premium income of general insurance companies surged by 32% in FY17 to reach 1.27 trillion.
However, despite above attractive figures, India still remains under-insured and the levels of penetration of insurance are quite low.
As per IRDAI, the life insurance penetration in India stood at 2.7% in 2017, which is lower when compared to other Asian countries. The reason behind this low penetration can be attributed to a lack of awareness on the importance of life insurance.
In this backdrop, Liberty General Insurance is committed to raise awareness on insurance and has introduced a host of products under health, motor, general insurances to cater to the larger audience.
While speaking to Moneycontrol, Roopam Asthana, CEO & Whole Time Director, Liberty General Insurance, said the company has a comprehensive bouquet of products that give ample protection to the consumer, including a top up product.Watch the full interview here and know more the insurance sector and Liberty Insurance.