India offers a goldmine of opportunities, as the penetration in both life (2.8%) and non-life (0.9%)
insurance segments are very low. Though India is the 10th largest life insurance market and the
15th largest non-life insurance market in the world, the growth in the sector is slow. However,
there is consolidation in the life and general insurance space. As per IBEF data, the Indian
insurance industry size is USD 280 billion. Life insurance segment is expected to register a growth
rate of 12-15% in the next three to five years. The bouquet of products available to the customer
is yet to reach close to global levels.