September 15, 2024 18:42 (IST)
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Why Buy Aditya Birla Sun Life Insurance for Term Plans?

Why Buy Aditya Birla Sun Life Insurance for Term Plans?

Introduction In 2020, the total size of the insurance market in India was estimated to be US$ 280 billion. The life insurance business in India is expected to develop at a CAGR of 5.3 percent between 2019 and 2023. In FY21, the insurance prevalence in India was 4.2 percent, with life insurance accounting for 3.2 percent and non-life insurance accounting for 1 percent. In terms of insurance population, India had a total concentration of US$78 in FY21. In general and health insurance, the private sector's market share increased from 47.97 percent in FY19 to 48.03 percent in FY20. In the life insurance sector, private companies had 33.78 percent of the market.