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GeneralHow to File an Insurance Complaint in India: IRDAI Bima Bharosa, Ombudsman & What Actually Works
Learn how to file an insurance complaint in India and how IRDAI Bima Bharosa, Ombudsman actually works to help you.
Insurance Companies in India
India is an exciting market for insurance. Our population is 1.4bn and about 50% of Indians are from 15-54 years of age bracket. This age group is the prime consumer of Insurance. Post Covid, there is an increased awareness in the relevant sections of the population to have Life and Health Cover.
Market Growth & Protection Gap
Insurance penetration in our country is defined as the ratio of Gross Premium to the GDP of the country. Last year's total Indian Insurance premium was to the tune of 10lac crores. It is about 4.2% of the country's GDP. In developed markets, this ratio goes as high as 8-10%. So, the path to exponential scale is fairly visible for our sector. One of the key parameters to look at in our sector is Protection Gap. By some estimates, Protection Gap in India is upwards of 90%. What it means in simple terms is that if Rs.100 is what it takes to fight off a calamity for an average Joe, he has only Rs. 10 available. This is an alarming situation, to say the least. Insurance is the answer that works best in this situation.
Our Commitment
Selling Insurance is therefore an act of great responsibility and we at Policywings are fully cognizant of this fact. We have tied up with all the leading Insurers of the country and we remain committed to helping our customers throughout their insurance journey. From Insurance purchases to Settling Claims.
Current Landscape
There are currently 25 Life Insurance companies, 29 General Insurance Companies and 5 Standalone Health Insurance companies. The esteemed regulator (IRDAI) is also in the process of granting licenses to 20 more insurance companies in the coming time.
