India has made significant progress in insurance penetration, with life insurance accounting for 3% of GDP in the financial year 2022-23.
However, mis-selling has increased due to greater penetration, affecting consumer trust in insurance companies and products.
As of 2024-28, the Indian market is expected to record the fastest growth in premiums among G20 countries. To avoid unsuitable policies, buyers should be aware of the free-look period and be cautious of mis-selling pitches.
As India moves towards ‘Insurance for all by 2047,’ it is crucial to be aware of the key aspects to consider when purchasing life insurance.
