Insurance Penetration in India Insurance penetration in India showed a slight decline from 4% in FY23 to 3.7% in FY24, despite a 7.7% growth in total premiums, reaching Rs 11.2 lakh crore. Life insurance penetration decreased from 3% in FY23 to 2.8% in FY24. Non-life insurance penetration remained stable at 1%. Overall insurance penetration in India is 3.7%, which is below the global average of 7%, presenting a significant gap and growth opportunity.