The Vice President said that the overall insurance penetration reached only 3.69 per cent in 2017. The Insurance Industry that is projected to grow to US $ 280 billion by 2020 must take the responsibility and make India fully insured, he added.
Saying that the true worth of an insurance company is gauged by its claims settling performance, the Vice President said that supporting country's various socio-economic classes and fulfill their aspirations for a bright and secure future is a great challenge and asked companies to supplement the efforts of the government to provide insurance to all.
The Vice President complimented New India for playing an important role in the Government-backed insurance schemes under the Pradhan Mantri Jan Dhan Yojana, namely Pradhan Mantri Surakhsha Bima Yojana, Rashtriya Swasthya Bima Yojana and other mass health insurance schemes or the country-wide crop insurance scheme Pradhan Mantri Fasal Bima Yojana. The fruits of development must reach poorest of the poor, he added.
The Vice President said that there is a vast scope for the insurance industry to grow and create employment in the country. He further said that the insurance companies need to come out with innovative schemes and products for more and more people to avail of their services. Insurers must develop products that are effective and efficient on both covers and the claims, he added.
The Vice President has also asked the insurance companies to leverage demographic dividend to impart employable skills to the youth. Long-term and constant skill development and enhancement is imperative for India so that it can keep up with the best in the world, he added.
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