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Know Your Sector:-

According to re-insurer Swiss re , india’s life insurance market was ranked at number 9 among 156 countries in term of premium in FY 11. India’s total premium grew by 4.2%  (inflation adjusted) while the Total global premium   grew by 3.2%. The sector has grown at more than 24% CAGR over the last 10 years.  The no of policies issued, declined at a rate of 22.61% to 48.2 M in FY 11 from 53.2 M in FY 10.

Sector	Regular premium	Renewal premium	Total
Private	36%	64%	100%
LIC	24%	76%	100%

Source – IRDA website

Know your customer:-

The overall household saving stood at INR 10,439 billion (FY11), with most of the people investing in deposits (47%.3 same as FY 10) , the share of currency has increased to 14% (9.8% in FY 10) and will continue to increase due to volatility in economy. Insurance share is approximately 24% and is expected to remain at same level. Provident fund and Pension fund have dropped to 9.1% from 11.5% in FY 10. The insurance industry by offering long term protection and savings plan can channelize a larger share of household savings and enhance the level of financial protection currently deficient in Indian economy though it will face a stiff competition from NPS especially for customers who are in service.