Insurance is a kind of arrangement in which a company provides a guarantee of compensation for any kind of loss whether things or one’s life. It is done by the insurer in return for payment of a specified premium. Keeping this in view, insurance is necessary for all; but the irony is that India has been able to penetrate only 3.76% of the total population of the country as yet, which is poorer than that of many Asian countries such as Malaysia, Thailand, and China etc. As per the report in FY2018, the non-life insurance segment was only 0.94% and the life insurance segment was 2.82%.
