Downloaded 11 times
Uploaded byRatul Banduri
Awareness about insurance
The document discusses the low levels of insurance awareness and penetration in India, noting that only 15% of the population is covered by medical care insurance. It highlights the need for greater education on health insurance, particularly in rural areas, and outlines various types of insurance products available, including life and health insurance. The Indian insurance market is poised for significant growth, with projections estimating it will reach $250 billion by 2025.
More Related Content
Similar to Awareness about insurance
Awareness about insurance
- 1.
- 2. Insurance Awareness in thepast 15% of the population is protected by medical care insurance coverage. Less than 5% of the population buy a plan voluntarily of their own accord. Medical insurance is the fastest growing segment in general insurance sector. IRDA report 2011-12 - insurance penetration and insurance density
- 3. • 1). InsurancePenetration - It is the percentage of insurance premium to GDP. Standing at just 0.7%, India is counted among the countries with the lowest insurance penetration. • 2). Insurance Density - It is defined as the ratio of premium to population. • India stands merely at $10.0.
- 4. Present Scenario AboutThe Awareness Of Insurance. It is 2018 and we talk about development, technology and rocket science, but it is not yet mandatory to have health insurance in India. Insurance Regulatory and Development Authority (IRDA) engaged the National Council of Applied Economic Research (NCAER) to carry out a pan-India survey to assess the levels of insurance awareness in the country. The survey was undertaken in 29 states/union territories. The survey shows that most of the insured are salaried, regular wage earners or self- employed.
- 5. • The shareof the Indian life insurance sector in the global market was 2.45 per cent • In the life insurance sector, the share of the private sector in total premium income was approximately 30 per cent in both 2008–09 and 2009–10. • while LIC, which represents the public sector, registered a growth of 19.69 per cent in 2009–10 over 2008–09, the growth of the private sector was higher at 23.06 per cent during this period • In the non-life insurance industry, the share of the public sector in gross direct premium income was approximately 59 per cent in both 2008–09 and 2009–10
- 6. Future awareness • Only27% of the people have health insurance in India. In comparison to our mammoth population, this number is undoubtedly low. • Ayushman bharat- National Health Protection Mission • Benefit cover of Rs 5 lakh per family per year • More than 10 crore families to be covered • Around 50 young persons from different villages in the district attended the programme. Each person who attends the awareness programme is likely to educate at least 10 people about the scheme.
- 7. • The Indianinsurance market is expected to reach USD 250 billion industry by 2025, predicts Confederation of Indian Industry (CII).
- 8.
- 9. LIFE INSURANCE • Lifeinsurance can help you support your family even after retirement. Depending on what it covers, Life insurance can be classified into various types: Term Insurance - • It is the most basic type of insurance. • It covers you for a specific period. • Your family gets a lump-sum amount in the case of your death. • If, however, you survive the term, no money will be paid to you or your family. Whole Life Insurance- • It covers you for a lifetime. • Your family receives a certain sum of money after your death. • They will also be entitled to a bonus that often accrues on such amount. Endowment Policy- • Like a term policy, it is also valid for a certain period. • A lump-sum amount will be paid to your family in the event of your death. • Unlike a term plan, you get the maturity proceeds after the term period.
- 10. Money-back Policy- • Acertain percentage of the sum assured will be paid to you periodically throughout the term as survival benefit. • After the expiry of the term, you get the balance amount as maturity proceeds. • Your family gets the entire sum assured in case of death during the policy period. This is regardless of the survival benefit payments made. Unit-linked Insurance Plans (ULIPs)- • Such products double up as investment tools. • A part of your premium goes towards your insurance cover. • The remaining amount is invested in Debt and Equity. • A lump-sum amount will be paid to your family in the event of your death. Child Plan- This ensures your child’s financial security. • In the event of your death, your child gets a lump-sum amount. • The insurer pays the premium amounts after your death. • Your child will continue to get a certain sum of money at specific intervals.
- 11. Pension Plan- • Thishelps build your retirement fund. • You can get a regular pension amount after retirement. • In the case of your death, your family can claim the sum assured
- 12. Health Insurance • Thistype of general insurance covers the cost of medical care. It pays for or reimburses the amount you pay towards the treatment of any injury or illness. Motor Insurance • Motor insurance is for your car or bike what health insurance is for your health. • It is a general insurance cover that offers financial protection to your vehicles from loss due to accidents, damage, theft, fire or natural calamities. • You can also get motor insurance for your commercial vehicles. • In India, you cannot drive or ride without motor insurance. Travel insurance • A travel insurance compensates you or pays for any financial liabilities arising out of medical and non-medical emergencies during your travel abroad or within the country. • There are two types of Travel Insurance: Single trip and annual trip.
- 13. Home Insurance • Homeinsurance is a cover that pays or compensates you for damage to your home due to natural calamities, man-made disasters or other threats. • It covers liabilities due to fire, burglary, theft, flood, earthquakes, and sabotage. It not only offers financial protection to your home, but also takes care of the valuables inside the property. Fire Insurance • Fire insurance pays or compensates for the damages caused to your property or goods due to fire. • It covers the replacement, reconstruction or repair expenses of the insured property as well as the surrounding structures. • It also covers the damages caused to a third-party property due to fire.
- 14. Recent Survey onHealth Insurance in India • Universal Health Coverage (UHC) to all citizens by 2022. • National Family Health Survey(NFHS-4) released by the ministry of health and family welfare. • The National family health survey reported that more than 55% of households in India do not generally seek health care from the public sector.
- 15. Awareness About HealthInsurance In USA and INDIA - Comparison Mandatory/Optional Health Cover Employee Health Benefits Premium Rate State-Wise Differentiation
- 16. Why Are IndiansUnaware About Health Insurance Condition of Health Insurance National Sample Survey Organization(NSSO) Knowledge of Simple steps Existing Burdens of loans Biggest Factor – Illiteracy Growth of the private health sector
- 17. SIZE OF INSURANCE SECTORIN INDIA • Biggest sector in the world with 360 million policies. • Gross premiums written in India reached Rs 5.53 trillion (US$ 94.48 billion) in FY18, with Rs 4.58 trillion (US$ 71.1 billion) from life insurance and Rs 1.51 trillion (US$ 23.38 billion) from non-life insurance. Overall insurance penetration (premiums as % of GDP) in India reached 3.69 per cent in 2017 from 2.71 per cent in 2001. • In FY19 (up to October 2018), premium from new life insurance business increased 3.66 per cent year-on-year to Rs 1.09 trillion (US$ 15.46 billion). In FY19 (up to October 2018), gross direct premiums of non-life insurers reached Rs 962.05 billion (US$ 13.71 billion), showing a year-on-year growth rate of 12.40 per cent.
- 18.
- 19. Strong demand Growing interest in insurance among people ,innovative products and distribution channels aiding growth. Increasing demand for insurance offshoring. Attractive opportunities Life insurance in low-income urban areas. Strong growth potential for micro-insurance, especially from rural areas. Policy support Tax incentives on insurance products Passing of insurance bill gives IRDA flexibility to frame regulations. Clarity on rules for insurance IPOs would infuse liquidity in the industry. Increasing investments Insurance sector companies in India have raised around Rs 434.3 billion through public issues in 2017. Increase in FDI limit to 49 percent from 26 percent ,approved in 2016 .
- 20. Need of HealthInsurance Past Survey • Since the past few years, India has been witnessing a staggering growth in the health insurance sector. • The number of people getting insured every year is rising steadily. • However, still only 15% of the population is protected by medical care insurance coverage.
- 21. • This signifythat the educated population is well aware of the needs and benefits of healthcare insurance. • And that the need of proper education and awareness programmes about medical insurance goes down to the remotest villages and suburban areas.
- 22.
- 23. In today'sworld, our life has become more prone to health risks and thus getting a coverage has become imperative. • Reduces tensions and stress caused on account of hospitalization. • Greatly contributes in leading a stress-free life.
- 24. • Taking ahealth insurance policy at a young age ensures that you have greater coverage. • It allow you to enjoy tax benefits for a longer period of time. • Buying a health insurance policy at a young age not only gives you greater coverage but also helps you plan your finances in a better way.
- 25. Role Of InstituteIn The Process Of Health Insurance Awareness And Education Making people understand about raising cost of medical expenses Enlighten people about the benefits in monetary terms Apollo Munich
- 26. How to makeinsurance awareness campaign successful? Brands should launch health insurance campaigns that are mindful. Ex- Take Apollo Munich’s health insurance plans page for example, more brands need to follow suit and make sure that people’s questions on health insurance are addressed timely. Enlightening people about the benefits of health insurance in monetary terms, because making people understand about the policies in financial terms would be a much better option. This will highlight the financial benefits of actually opting for a health insurance. Making people understand about the rising costs of medical expenses, if something miserable were to happen in a family. Also educating people about the cover they would get through health insurance schemes.