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Rise of health insurance in India The Indian economy is getting better, but healthcare costs are going up too. Treatments for illnesses like diabetes and heart problems are getting more expensive. This is tough for many families. But there's hope in health insurance. Health insurance helps pay for medical costs. It's like a safety net for when you get sick. And a lot of people are getting it. Experts think the health insurance market will grow a lot by 2030. Why is the market growing? Well, first, medical care is getting pricier. So, people want insurance to help cover the costs. Also, the government is doing things to help. They have programs to make health insurance more affordable for everyone. Companies are also helping out. More and more, they're offering health insurance to their employees. This means more people are getting covered. People are also learning more about staying healthy. They know about diseases like diabetes and heart problems. So, they want insurance to help them stay safe. And getting health insurance can even help you pay less in taxes! The middle class in India is growing. That means more people have money to spend on healthcare and insurance. Young people are into technology. They like using apps and websites. So, they're interested in health insurance too. Overall, health insurance is important. It helps people get the care they need. And it's also a good investment for the future. There are still challenges, but there are lots of opportunities to help people and make money in the health insurance market. Gagan Singh Lakhanatia www.gagantheadvisor.com

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Business owners: Has a key person ever left your company for better compensation? Do yourself a favor and read this article. Learn how insurance can retain these key people without killing your bottom line. In addition, please say you and your partner have incorporated insurance within your buy/sell agreement. Not only will the partner's family benefit from the value of the business, but the business will continue to function seamlessly for the remaining partner(s). Please, share your thoughts as well.

LIfe Insurance-The facts to keep remember. Prime Minister Narendra Modi recently talked about how the prices of shares for LIC (Life Insurance Corporation of India) have gone up, which has gotten a lot of attention. Shareholders are happy because they might get good profits if they sell their shares. But in all this excitement, people are forgetting something important: Life insurance is not just about making quick money by selling shares. It's actually meant to protect families if the main earner passes away. Because of its unique purpose, many people don't understand or appreciate life insurance. Here's why life insurance is often underestimated: Different from Other Investments: Life insurance is not like other investments, such as buying shares. It's meant to protect your family financially in case something happens to you, not to make quick profits. Long-Term Protection: Life insurance is a way to make sure your family will be okay financially, even if you're not there to provide for them anymore. It's not for short-term needs like buying a car or going on vacation. Low Awareness: Many people don't realize the value of life insurance. In India, not enough people have life insurance compared to other countries. People often stop paying their insurance premiums because they think it's not worth it, especially when they have other expenses like education or housing. Cash Value: People don't know that as they keep paying their premiums, the value of their life insurance policy increases. They can actually get money from it if they need it. Secondary Market: In some countries, like the US and Canada, people can sell their life insurance policies for cash. In India, this happens informally, mostly with moneylenders buying policies from people who can't afford to keep paying. Making a formal market for selling life insurance policies could help everyone: For Policyholders: They could get a fair price for policies they don't need anymore. For Financiers: They could invest in these policies and get a good return with low risk. For Insurance Companies: It would make life insurance more attractive to people, increasing demand for their products. For the Economy: It could bring a lot of money from forgotten insurance policies into the economy, helping everyone. So, even though people might not realize it, life insurance is a crucial part of financial planning, and making it easier to understand and use could benefit everyone in the long run. Gagan Singh Lakhanatia Risk Advisor 9530570636 www.gagantheadvisor.com

Life insurers’ new business premium surges 61% in April to ₹20,259 crore Life insurers in India saw a remarkable surge of 61.23% in new business premium (NBP) in April, amounting to ₹20,258.86 crore. This stark increase marks a significant departure from April 2023, where NBP plummeted by 30% to ₹12,565.31 crore. The surge in April 2024 can be attributed to heightened demand for insurance protection, particularly from corporate consumers, as noted by the Life Insurance Council. Group single premium collections saw an impressive rise of 126.33%, with policies and schemes in the same category increasing by 60.42%. Individual single premium policies also grew by 19.05%, while non-single premium policies saw a growth of 10.31%. Notably, the market leader, Life Insurance Corporation of India (LIC), saw a substantial increase in NBP, with a surge of 113.14% to ₹12,383.64 crore. Private insurers collectively witnessed a 16.58% increase in NBP, reaching ₹7,875.22 crore despite a decline reported by six of the 26 private life insurers. The surge in April follows a nearly 16% increase in NBP for life insurers in March, indicating a positive trend in the sector. However, the growth rate in 2023-24 stood at a modest 2% compared to the previous fiscal year's robust 18% increase. The release also highlighted the addition of 49,205 life insurance agents in the first month of the financial year, suggesting a growing interest in the sector as a career choice. The rapid pace of digitalization undertaken by life insurers is expected to further bolster growth and deepen penetration of life insurance across the country. This shift towards digital platforms is likely to streamline processes, enhance customer experience, and facilitate wider accessibility to insurance products. As a result, the future outlook for the life insurance sector appears promising, with sustained growth anticipated in the coming months and years. To Asses need of Life Insurance and how life insurance can be beneficial to your company please contact Gagan Singh Lakhanatia 9530570636 singhgagan186@yahoo.in www.gagantheadvisor.com

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Best way to LOWER ❤️ Premium ❤️ Deductible ❤️ Out of Pocket Max Health Insurance cost are rising . . . for some! At Terry Family Insurance we solve your Health Insurance Problems. Usually it starts with what you are paying each month in premiums. The most effective way to lower your premium without settling for a High Deductible is to pair a supplemental plan with your health insurance. 😳 The average deductible of a marketplace plan in 2024 is $5,452 😡 The average max out of pocket of a marketplace plan in 2024 is $8,403 A supplemental plan can drastically lower your future medical cost. Popular accident plans come with a $500 deductible. Hospital plans reimburse $500 - $1,000 per day to help cover deductibles. Critical illness policies not only cover your deductible, but also leave you additional dollars that serve as income replacement while out of work, pay for medical travel and experimental treatment health insurance doesn't. These plans are significantly less expensive than low deductible plans and in many cases do more! The average cost to buy a low deductible is several hundred dollars and in most markets you are limited to how much you can buy down your out of pocket max. Most supplemental plans are less than $100 per month and lower BOTH your deductible and max out of pocket!! When shopping or working with a Health Advisor, be sure to explore all your options while considering your current health needs and the future "what ifs". Ask yourself, can I afford the deductible and max out of pocket on my plan? Good luck! Terry Family Insurance Blake Terry blake@terryfamilyinsurance.com 682-268-0520 https://lnkd.in/gXVAEQAC