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INSURANCE SECTOR IN INDIA: STRUCTURE, CHALLENGES

Insurance Sector Indian Economy UPSC GS 3 financial inclusion Social Security India Financial Sector IRDAI Reforms LIC Pradhan Mantri Jeevan Jyoti Bima Yojana Malhotra Committee

Indian Insurance sector is predicted to double to Rs 25 lakh crore by 2030, according to a report by IBAI and McKinsey & Company. The sector is crucial for economic growth, social security, financial inclusion, and national resilience. Government schemes like Pradhan Mantri Jeevan Jyoti Bima Yojana and PMSBY provide low premiums and risk coverage.

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According to an IBAI and McKinsey & Company report, India's insurance sector is expected to double to Rs 25 lakh crore by 2030.

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