In the financial year 2022-23 (FY23), India’s overall insurance penetration was down at 4 per cent from the level of 4.2 per cent in FY22, according to a Swiss Re Sigma report.
The approval of 'Bima Sugam' by the Insurance Regulatory and Development Authority of India (IRDAI) has ignited a wave of optimism within the insurance industry.
Bima Sugam e-market, life cover surrender value, corporate governance norms among 8 regulations approved by IRDAI thehindu.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindu.com Daily Mail and Mail on Sunday newspapers.
Bima Sugam, which is part of the Bima trinity, seeks to empower and protect the interest of policyholders, increase insurance penetration and enhance availability, accessibility and affordability.