6 Unique Facts About Insurance Industry in India
Insurance is one of the biggest investments one can make. In India, people are taking Insurance seriously. Gone are the days when people used to ignore Insurance but nowadays, it’s a part of their life. But did you know that the Insurance industry has been active in this world for a long time?
After knowing everything in detail, you’d be more interested in taking insurance cover for yourself and your loved ones. This post will discuss some interesting facts about Insurance in India that you should know. With these facts, you will understand the vastness of the Insurance Industry in this world.
Also Read: How to Remit Premium to the Insurance Companies Through NRI Accounts
Facts about Insurance that will blow your mind
The following are the unique facts about the insurance industry in India that will blow your mind. Let’s check them out.
1 – Mental Illness is covered by Insurance
Yes. Mental Illness is considered an illness and covered by Insurance. Many insurance companies in earlier days refused to count Mental Illness for Insurance cover. But the order passed by Delhi High Court in 2021 forced all insurance companies to cover Mental Illness in the policy.
2 – Insurance Penetration is very low in India
In India, people have recently started taking insurance coverage seriously. The insurance industry is growing, but India’s current penetration rate is very low. With the actual penetration of 3.7% in 2020-2021, the industry has a lot of space to cover. The increased awareness in the community about the benefits of Insurance it’s helping the companies improve their insurance coverage.
Also Read: 11 Features of NRI Accounts in India You Should be Aware of
3 – Lata Mangeshkar had Insured her voice
Yes. You read it right. Legendary singer Lata Mangeshkar had insured her voice. Being called Nightingale of India, she had a beautiful voice. Not just Lata Mangeshkar but Superstart Rajnikanth has ensured his voice.
The insurance providers customize such insurance policies to cater the high-end customers. They are not available as a ready package, but everything has to be customized by the insurer and insured person.
4 – Insurtech is the future
InsurTech is nothing but the amalgamation of Technology with the Insurance industry. With the advent of technology, companies are adopting newer technology to better serve their customers. Not just the customers, but the technology is helping the insurance companies to reduce the clutter and streamline every bit of the backend process. InsurTech is now being called the future of the Insurance industry. With the option to buy Insurance online, we can see how convenient the Insurance cover has become.
5 – Health Insurance Industry surged by 15% in 2020
The sudden outburst of the Pandemic in 2020 highlighted the importance of Insurance in India. The importance of Life Insurance and Health Insurance was understood with the people suffering physically, psychologically, and financially in the pandemic. From the start of the Pandemic, the Indian Health insurance sector experienced a huge growth of 15.8%, which is a great thing. Have you bought yourself a health insurance policy?
6 – Claim Settlement has become convenient
With the Increased penetration of the Insurance industry and the adoption of InsurTech, the companies aim to provide better services. InsurTech has made it easier to receive claim settlements. With the completely automatic and paperless process, the claims are settled in the bank account of the Insured person, which is far better than the confusing old process, which took a lot of time and
Also Checkout: Follow These 5 Steps to Choose the Best UAE Travel Insurance
In Life, a positive assurance is what one needs to lead his life peacefully. With the Insurance companies helping you live peacefully, you should never ignore its importance. In this post, we tried our best to share some unique facts about the insurance industry in India. If you have something to the add-on, feel free to comment below.