At least 988 million Indians–more than the population of Europe and 75% of all Indians–are not covered by any form of life insurance, and an Indian is assured of only 8% of what may be required to protect a family from financial shock following the death of an earning member, according to our analysis of government data and industry data.
Unexpected shocks such as the death of a family member lead to financial loss. The lack of adequate cover in these situations makes people prone to high financial instability. This is more severe in the case of the unorganised sector: Informal workers in the unorganised sector are exposed to additional risks in the form of income volatility, hazardous workplace conditions and lack of old-age benefits. These risks can be reduced through insurance.
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