The Insurance Regulatory and Development Authority of India (IRDAI) has set an ambitious vision: 'Insurance for All by 2047', aligning with the government's broader 'Viksit Bharat 2047' goal. This vision aims to ensure that every citizen has access to adequate insurance coverage, whether for life, health, or property.
Current State of Insurance Coverage
India's insurance penetration stood at 3.7% in FY2024-25, with life insurance at 2.7% and non-life at 1.0%. While this represents progress from historical levels, it remains significantly below the global average of 7.3%.
Sources: IRDAI Annual Report 2024-25, PIB India