Summary:
Pune, Maharashtra, India (NewsVoir) India ranks as the 10th most prominent life insurance market and the 15th largest non-life insurance market globally, as per the Insurance Regulatory and Development Authority of India (IRDAI).
Another recent study found that in 2020-21, the Gross Direct Premium Income (GDPI) of health insurance policies grew by over 13%.
However, the accident insurance industry is yet to gain momentum in India.
One of the primary reasons for this is lack of awareness.
It is a common misconception that health insurance and personal accident insurance have the same benefits, and most users end up choosing health insurance.
But having a personal accident insurance policy is very important.