Life insurance is very common in India; overall, 30% of Indians have health insurance. In urban areas, it's approximately 78% of people, and in rural areas, it still lags with only 8-10% of coverage.
The penetration (ratio of life insurance premiums collected to the gross domestic product (GDP) of a country) is low, especially when compared to many developed countries. India ranks 25th in global insurance penetration, which is very low.
There is an insurance coverage initiative stated by the Government of India, which is called Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), in 2015, and more than 17 crore people have enrolled for this scheme.
