Download - insurance sector
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What is INSURANCE?
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IRDA
• IRDA became a statutory body in April 2000
• The key objective of IRDA
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LIC & GICInsurance in India
Life insuranceNon-life insurance / General
insurance
Motor Fire Marine Health OtherTerm life
insurance
Permanent life
insurance
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Need for insurance
• Tax relief• Helps in financial planning• Helps during retirement – acts as a pension• Savings instruments• Improves credit rating – considered as a
financial asset• Contribution towards sustaining a standard
of living when one contributing partner dies• Cover against risk
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Scope of insurance sector
• Higher disposable income• Introduction of policy portability• Changing demographics• Increase in insurance companies &
intermediaries (agents)• Growth of GDP• Increase in number of middle class• 24 life insurance companies and 26 non-life
insurance companies are in Indian market
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Growth of insurance sector
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Private sector vs Public sector
• Owned• Objective• Formation• Term savings• Operations
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Market share
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Major players of private sector
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Major players of Public Sector
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Contribution to GDP