Bullish signal on daily chart
Large market size
The number of people above the age of 60 years is expected to triple by 2050 as compared to 2015, thus providing insurers an opportunity to tap the retirement space by way of offering long-term income and annuity products.
Indian insurance sector- Underpenetrated
As compared to other developed economies, India remains vastly under-insured, both in terms of penetration and density. The ‘protection gap’ in India is amongst the highest in the world at 92.2% as of 2014
During FY 2020, the life insurance industry grew by 21% to garner ` 2,589 billion of new business premium against ` 2,147 billion in the previous financial year. Private insurers grew by 5% in individual business while group business saw a growth of 19%. LIC recorded a growth of 8% in individual business and 39% in the group business.