While the pandemic years for the insurance industry were difficult because of a substantial increase in claims, on the plus side, we saw a significant increase in awareness, especially for term and health insurance, as well as an acceleration of the industry's transition to digital. People learned through the epidemic that uncertainty in life is real and not just a sales gimmick. However, we see that there is a significant protection gap and that India continues to have one of the lowest insurance penetration rates among emerging nations in terms of GDP.
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