NEW DELHI, Mar 6: The penetration of insurance in India which has gone up from 2.3 per cent in the year 2000 to 3.9 per cent in 2013, compares well with the other emerging economies but is likely to witness a further leg-up with new initiatives underway.
The soon to be launched schemes involved the Pradhanmantri Suraksha Bima Yojna and Atal Pension Yojna as enunciated in the budget for 2015-16.
The Pradhanmantri Suraksha Bima Yojna will cover accidental death risk of Rs 2 lakh for a premium of just Rs 12 per year while the Atal Pension Yojna will depend on its contribution and its period.
To encourage people to join the scheme, the government will contribute 50 per cent of the beneficiaries’ premium limited to Rs 1,000 each year, for five years.
The third social security scheme that is Pradhanmantri Jeevan Jyoti Bima Yojna will cover both natural and accidental death risk of Rs 2 lakh for a premium of Rs 330 per year for the age group 18-50.
The life insurance recorded a growth of 9.4 per cent at a premium income of Rs 3,14,283 crore in 2013-14 as compared to Rs 2,87,202 crore in the previous financial year, according to economic survey report.
Private-sector insurers reported a 1.4 per cent decline in their premium income while Life Insurance Corporation of India (LIC) recorded 13.5 per cent growth during 2014-14, it added. (UNI)
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