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Life Insurance in India

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Life Insurance in India

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  1. India’s Insurance Reform will Benefit Insurers and Society

  2. The Act enables global reinsurers to enter as 100 per cent owned branches and increases overall foreign direct investment (FDI) in the insurance industry from the current limit of 26 per cent to 49 per cent. • While there are many aspects of insurance, the most significant opportunity not only for insurers but also for Indian society, is the health insurance sector. • India is one of the fastest growing health insurance markets in the world. It has grown rapidly since the industry opened to private and foreign players in 1999 with the establishment of the Insurance Regulatory Developments Authority. • In 2014, the health insurance market grew to $2.7bn from just $150m in 2004. It is on track to hit $8bn by 2020.

  3. There are a number of factors driving this growth • From a workforce perspective, just 10 per cent of India’s 300m working population work within formal sectors such as government, the public sector or in large private companies, which often offer health insurance perks. • The rest work in the informal sectors, meaning they are self-employed or working in family businesses and, therefore, without corporate health insurance cover. • It is this end of the market that is most dependent on financial security during ill health. Yet, in the absence of health insurance plans, many are liable for medical bills and loss of potential income during treatment. • Demographically, the population boom, rising life expectancy and increased incidences of lifestyle-related diseases means that total healthcare expenditure is growing rapidly. It is expected to rise from $70bn to $280bn by 2020.

  4. Active foreign participation is critical for the sector as compare with life insurance in India, bringing better standards and driving competition, with better quality products, customer coverage and choice. • The increase in the FDI limit will create significant opportunities for foreign players to enter the market through joint ventures, mergers or acquisitions. • Yet there are some significant challenges that remain, such as finding the right acquisition target or a partner with the right balance of local knowledge and cultural compatibility in the boardroom between the two organizations. • Successful firms will be those that are comfortable with local regulatory requirements and have working knowledge of India’s business environment. • [Source: http://blogs.ft.com/beyond-brics/2015/03/30/indias-insurance-reform-will-benefit-insurers-and-society/]

  5. To know more visit: http://www.bajajallianz.com/Corp/life-insurance/life-insurance.jsp Follow us on: http://www.facebook.com/http://www.a1resourcemoz.com/%20http://bookmark.wikitechguru.com/ https://plus.google.com/http://www.a1resourcemoz.com/%20http://bookmark.wikitechguru.com/ http://www.linkedin.com/in/http://www.a1resourcemoz.com/%20http://bookmark.wikitechguru.com/ http://twitter.com/http://www.a1resourcemoz.com/%20http://bookmark.wikitechguru.com/

  6. Thank You

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