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PW NewsDesk
Life insurance penetration dropped in 2010-11
The life insurance penetration has decreased from 4.60 in 2009-10 to 4.40 in 2010-11, whereas the non-life insurance premium has increased from 0.60 in 2009-10 to 0.71 in 2010-11.
The insurance penetration was impacted by several macro-economic factors such as growth, inflation, interest rates, small savings return and returns of competing financial products offered by banks and mutual funds.
However, the total insurance penetration, which is the ratio of insurance premium as a percentage of GDP, has increased from 2.32 in 2000-01 to 5.10 in 2010-11.
Source - FE
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PW Fan
Now people are smart enough to understand that ULIPs are waste of money and nobody is ready to sell term plans to them. Plus global financial crisis also bought stock market down, so no return on old ULIPs.
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