Financial Markets and

Services
CIA 3- POSTER MAKING

TOPIC - INSURANCE : INDIA vs . United Kindgom

DEFINITION - Insurance is an arrangement by which a

company or the state undertakes to provide a guarantee of

compensation for specified loss damage illness or death , , ,

in return for payment of a specified premium .

TYPES - ,
Health Insurance Life Insurance and General

( ,
insurance Motor insurance furniture insurance etc , .)

INSURANCE IN INDIA

The insurance industry of India has 57 insurance

companies 24 are in the life insurance business while , 34

- .
are non life insurers Among the life insurers Life ,
( )
Insurance Corporation LIC is the sole public sector

company . The overall market size of the insurance sector

is expected to US $ 280 billion in 2020.

 Government Initiatives
In August 2021, the Parliament passed the General Insurance
Business Amendment Bill -aims to allow privatisation of state-run
general insurance companies.
Union Budget 2021 increased FDI limit in insurance from 49% to 74%.
(IRDAI) has announced the issuance, through Digilocker, of digital
insurance policies by insurance firms.
In June 2021, the government extended a Rs. 50 lakh insurance
coverage scheme for healthcare workers across India until the next
one year
Under Union Budget 2021, fund of Rs. 16,000 crore (US$ 2.20 billion)
has been allocated for crop insurance scheme.

General insurance
companies

Life insurance
companies

Health insurance
companies
 Insurance :

India VS. The UK

The price of term The price of term
plan insurance is Rs. life plan insurance
15,000 is Rs. 9,000 (In
Reason - Average life Indian currency)
expectancy is lower, Reason - The
thereby increasing quality of life in UK
the premium rates on is much better and
term life insurance risk of certain
policies. diseases is greatly
The health reduced.
insurance only The health
covers hospitalisation coverage here
and 30/60 days pre includes every visit
and post- to the doctor, be it
hospitalisation visits for something as
to the doctor. minute as a viral
fever.
 Insurance :

India VS. The UK

Data Availability: UK's census takes
India's census takes place almost every year
place once every ten and they have a much
years and it is unable clearer idea of the real
to cover all the demographic situation
inhabitants of the and the calculated
country. mortality rates are
Employee benefits: much more
Employers have no Employers must
liability to provide provide health
health insurance insurance cover to
cover to their their employees, not
employees. It is a only during the period
purely voluntary of employment, but
factor also in the case of the
employees resignation
until he finds another
job.
 Insurance :

India VS. The UK

Pool of
policyholders - the
insurance sector in
India is not as
pervasive as the
insurance sectors of
developed countries.
Pool of
policyholders -
Owing to better
awareness and
policies, the pool of
policyholders in the
UK is vast, as
compared to India.

Road ahead
The future looks promising for the
insurance industry with several
changes in regulatory frameworks.The
industry is expected to reach US$ 280
billion by the end of 2021. Life
insurance industry in the country is
expected to increase by 14-15%
annually for the next three to five
years.