High per capita Savings

Indian People are good savers. Indian Gross household saving in financial sector is 8% of GDP for the year 2011-12.
The share of life Insurance premium was 19.9% of gross house hold savings. (Source: RBI Annual Report 2012-13).
Report on the savings pattern states that:
    83% save for emergencies,
    81% for Children’s education,
    69% for old age,
    63% to meet future expenses towards marriages, birth and social ceremonies.

The above pattern indicates tremendous scope for life Insurance products.