Insurance sector Budget 2020

Currently, the insurance penetration in India is 3.7 percent of the gross domestic product (GDP) as against the world average which is 6.31 percent. The life insurance sector in India is growing at 11 percent to 12 percent. General insurance is growing at 18 percent per annum. For standalone health insurance, the average growth rate is 35 percent per annum. By cutting taxes in the Budget, the government can put more money in the hands of the middle class and workers. This will benefit the insurance sector as well, though indirectly with hope of greater penetration. The insurance sector experts are of the view that a rise in government spending in the healthcare sector can help huge protection gap to come down and make insurance affordable.

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