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Insurance penetration inches up but stays much below global average: Eco Survey
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India’s insurance penetration, which was at 2.71% in 2001, has steadily increased to 3.76% in 2019, but stayed much below the global average of 7.23%, stated the Economic Survey for 2020-21 released on Friday. The survey also highlighted that the penetration in India was particularly low for the non-life segment.
Insurance penetration is calculated as the percentage of insurance premium to the GDP.
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Expect 5-fold jump in NPS fund management fee; slabs to be introduced
Currently, there are seven pension fund managers - Aditya Birla Sun Life Pension Management, HDFC Pension Management Company, UTI Retirement Solutions, SBI Pension Funds Private, ICICI Prudential Pension Funds Management, Kotak Mahindra Pension Fund and LIC Pension Fund
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The National Pension System (NPS), under the supervision of pension regulator PFRDA, is growing and improving. Expanding the gambit of the pension fund industry for NPS subscribers, the regulator will soon issue licences to more pension fund managers to manage NPS funds. At the same time, the pension fund management fee is being revised to make the NPS fund management business viable and attract serious players.