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In February, the new premium set of life insurance companies has increased 27 percent. In the last 15 years, the growth of General Insurance segment is growing at an average of 17 per cent every year. Experts say that people are slowly getting awareness about the insurance. Companies are launching innovative products so that they can reach customers easily. The government also had the focus of this sector in the budget. Experts are advising the insurance industry's outlook as positive and are advised to invest in the long-term perspective.

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20-25% growth in sector in last few years

Arun Kejariwal, founder of Chris Research, says life insurance pension rate in the country is low. The awareness of life insurance in people is increasing gradually. People are now turning their life insurance into their portfolio, but they are not adopting it for the long term. At the same time, insurance companies are trying to explain the importance of life insurance among people. Therefore, the insurance sector is growing, but this growth is not much. 

According to experts, in the last few years, the life insurance sector has grown between 20 to 25 per cent. At present, this industry is worth $ 55 billion, which is likely to increase to 10 billion dollars in the next three years. Sandeep Jain, Director of Trade Swift Broking, said that the outlookers of insurance companies are better. The budget for the insurance sector was quite good. From the perspective of long term perspective, investment can be invested in stocks. In the last few years, companies have increased the focus on the customers, resulting in a settlement ratio with good products. Sandeep   advised to invest in HDFC Life Insurance . 

Growing fast is the non-life insurance industry

Amit Jaswani, founder of Stellian Asset.com, says that business of non-life insurance companies is growing rapidly. Growth of the General Insurance Sector has been growing at an average of 17 per cent every year since last 15 years. At the same time, it is expected to grow at a rate of 15 to 20 per cent. Growth of non-life insurance sector is increasing by different product offerings like Motor, Health, Crop, Fire, Marine, Liability, Travel, Aviation and Home Insurance. 

Jagdish Thakkar, director of Fortune Fiscal, says that the business of non-life insurance companies is growing rapidly. ICICI has been a market leader for many years. The parent company of the company is ICICI Bank, which has a big back up for the company. The company has 18% market share. Investors  should invest in ICICI Lombard from long-term perspective.

 Government increases focus on insurance

In the budget, the government has increased the focus on insurance. The government had announced to provide health insurance of Rs. 5 lakhs for Rs. 1200. The insurance sector will benefit from this move of the government. Experts say that when the government will keep the full package of this scheme in front of the insurance companies, then the cost of the scheme will be estimated correctly. Market Expert Sachin Sarvade has advised to invest in ICICI Prudential Life Insurance . He has said that ICICI Prudential Life is the first insurance company to be listed in the insurance market. Its growth is much better.

 LIC's premium collection up 24%

In February, the new premium collection rose by 27 per cent to Rs 13,698.52 crore. According to IRDAI's data of insurance regulator, the total premium collection of life insurance corporation (LIC) of the country's largest public sector lender rose by 24 per cent to Rs 8,476.73 crore from 24 of the 24 insurance companies. At the same time, premium collection of 23 insurance companies increased by 32.4 per cent to Rs 5,221.79 crore this month. Expert Amit Jaswani says there is no problem in the insurance company. Companies are growing while taking advantage of digital with new products and service. Jesswani   advised to invest in SBI Life Insurance.

 Year 2017 for Insurance Sector is proven to be better, because during this time, big insurance companies raised Rs 23 thousand crore from the IPO. In the year 2017, GIC, ICICI Lombard General Insurance and the New India Assurance Company's IPO got good response with HDFC Life Insurance and SBI Life Insurance. 

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