An analysis on the different insurance policy in India and its role in economy growth and providing people with better life opportunities
1 MAKAUT, Public–Foreign-Defence Policy, MPI (oxford University) ORCID ID: 0000-0003-2563-2787.
2 Political Science hons (Calcutta University), ORCID ID: 0000-0001-9156-0086.
Review Article
World Journal of Advanced Research and Reviews, 2021, 12(03), 119–123
Article DOI: 10.30574/wjarr.2021.12.3.0993
Publication history:
Received on 17 October 2021; revised on 03 December 2021; accepted on 05 December 2021
Abstract:
A update financial system is a very necessary for the economy growth, insurance industry provides freedom security for the future to all its citizen. In India the government and the insurance industry works together to provide maximum benefit to its people in the form of life and non-life insurance which includes health, travel and vehicle insurance, it is a very old industry, exiting since ancient times in different form, with privatization, we see a rapid rise in insurance industry, where people are saving along with there is domestic saving, FDI has amplified to 74% which has brough in capital income. Farmers, poor and vulnerable people have been benefitted with majority of the health insurance policy in India. we also see a rise in digital insurance. In FY21 the non-insurance recorded 5.19% growth in Growth Direct premiums, where as the market share for general and health insurance has escalated from 47.19% to 48.3% for FY20. In this pandemic the main focus in on health insurance, the government is bringing in new schemes for health sector and incrementing its insurance.
Keywords:
Financial system; Insurance industry; Health; Life and non-life; Private sector; Economy growth
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Copyright © 2021 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0