With a strong macro-economic outlook for the Indian economy, the young population, the large emerging middle class with high savings potential and the low penetration of life insurance business, the longer term outlook for the Indian life insurance industry continues to be positive. In addition to the Life Insurance Corporation of India, there are 23 private sector life insurers operating in the market. The sector has grown significantly over the years, achieving new business APE CAGR of approximately 13% from FY 2001-2002 to FY 2018-2019.