New Delhi:
Minister of State for Finance & Corporate Affairs, Anurag Thakur today said that India has a vibrant insurance industry that has spearheaded the government's policy of insuring the uninsured.
"My assurance to the insurance industry, that we will work with you to unleash the potential of this sector to create more employment, provide innovative products and building a culture of risk management in the country," said Thakur while addressing the 21st edition of the Annual Insurance Conference 'FINCON 2020', organized by FICCI.
Thakur said that the post Covid world will be very different and India's insurance sector must gear up to seize the moment.
Insurance companies must further adopt digitalization, log onto platforms used by various segments and emphasize on trust building. Globally, we must look at best practices and benchmarks, adopt and adjust them for the Indian customer, he said.
.Thakur said, "The industry has gradually pushed insurance penetration in the country and proliferation of insurance schemes.Whether it's Pradhan Mantri Fasal Bima Yojana, Ayushman Bharat Pradhan Mantri Jan-Arogya Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana, Pradhan Mantri Suraksha Bima Yojana, or innovative insurance products like 'Arogya Sanjeevani' and 'Corona Kavach', by partnering together we have brought Ease of Living for our people," he added.
While the government accelerates “Ease of Doing Business'', the insurance companies should work towards bringing “Ease of Claims;; by making it painless. A seamless process will further help dispel the impression that the insurance companies may not own up to claims swiftly. This single step will boost customer confidence and help insurance companies penetrate the market," he added.
"There was a time when Passport issuance and renewable was possible only at Passport Kendras, today one can easily get this done at the stipulated Post Offices. The Insurance sector too, must explore new ways of outreach. The Government has come out with several schemes with low premium and in the rural areas these products might be a better fit. "No two states and sectors in India are the same, a blanket approach will not work," said Thakur.
Adddressing the event ,Supratim Bandyopadhyay, chairman, Pension Fund Regulatory and Development Authority (PFRDA).said nearly two million people subscribed to the Atal Pension Yojana (APY) from April till date bringing the total base under the government-backed pension scheme to 21 million.
Currently, the NPS has an AUM of Rs 4.85 lakh crore and is likely to see its assets grow 34% annually this year as well, the regulator said, adding that asset quality also remained robust.
Currently, the NPS has an AUM of Rs 4.85 lakh crore and is likely to see its assets grow 34% annually this year as well, the regulator said, adding that asset quality also remained robust.
Bandopadhyay also highlighted that its schemes gave good competition to mutual funds in terms of returns.
The 11-year compounded annual growth rate (CAGR) for the NPS’ equity scheme was 9.09% while that of its corporate bond scheme and government security scheme was 10.64% and 10.41% respectively.“The asset quality remains very robust despite all these events that we have seen…we find that our overall NPA (non-performing assets) is just about 0.3% of the total asset base and everything is provided for so net NPA is 0 at this point of time.”