India

Axco provides details on the life insurance sector including India market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.

The report describes the public and private healthcare system in India, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.

Axco reports on the three pillars of Indian pension provision.

• State pension benefits including benefit calculations and eligibility criteria 
• Workplace pension provision; types of schemes calculations eligibility and; tax implications
• Voluntary individual pension provision, type of products and tax implications

The India report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

• state pensions,
• permanent disability benefit
• occupational accident and disease
• maternity and paternity payments 

India life insurance market remains in an early stage of development with generally low levels of awareness and understanding, limited product lines and low penetration.

Two decades ago, there was a single state-owned life insurance company, the Life Insurance Corporation of India (LIC). LIC had a monopoly in India since establishment in 1956 and those with long industry service ....

Pensions are at an early stage of development in India and overall penetration levels are low but it is one reporting rapid growth albeit from a low base and there is huge long-term potential. Some life insurers are beginning to focus more attention on the opportunity, with one noting pension assets in India amount to less than 5% of GDP, against 130% in Australia.

Comprehensive health provision of a good standard for all remains an important goal in India's development. It is a huge and complex challenge, however, in such a large country housing the world's second largest population. Added to which 2020 has seen the global challenge of the COVID-19 pandemic, with India initiating a national lockdown on 22 March 2020, which was commended by the WHO for being "timely, comprehensive and robust". It has proved a critical health issue, however, with insurers providing ....