- Under-penetration:
- Lack of overall financial awareness among the population.
- Lack of understanding of insurance products.
- Low perceived benefits of insurance.
- Propensity to purchase insurance based on reactive drivers (e.g., financer insistence).
- Market Dominance:
- Indian insurance market is dominated by Life Insurance Corporation (LIC).
- LIC captures nearly 75% of the market.
- These factors can make it challenging for new players (including foreign ones) to gain market share.