Ageing India: The next great opportunity for insurers
On the other hand, those with regular income augmented the middle class and ignited robust consumerism in the economy. As a result, the so-called menace of population growth turned into a boon.
As if like nature, the economy also invents mechanism for survival and growth. The business of life insurance, which is directly linked with the population size, life expectancy, income and living standard, also peaked during the relevant period, reinforcing the fact that population and its quality determine the potential for development of the business of insurance.
In our country, another demographic shift has slowly begun and this is going to impact the other end of the population spectrum. Education, improving healthcare facilities, delayed marriages and postponement of pregnancy by working couple have been systematically contributing to reduction in growth rate of population and increase in longevity of people who would be entering the senior citizen segment now and, later, over a period of next 40 years.
It is estimated that the ratio of dependent population to working population may multiply by 200% to 250% by 2050.
There would be about 20 crore people who would require financial and
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