The regulator's focus on growth of the insurance industry is likely to continue irrespective of which political party forms the government, industry players said.
The ruling Bharatiya Janata Party (BJP) failed to secure a simple majority in the general elections, votes for which were counted on Tuesday.
The National Democratic Alliance (NDA), of which BJP is a part of, has crossed the majority mark, including leads.
"We are gunning for 'Insurance for All' by 2047 under the guidance of the regulator. There is a lot to be done towards that goal and a lot of work has already started, especially in the state-level insurance plans. So, regardless of what happens nationally, our work is cut out. And, we are continuing to look at how we can have awareness, accessibility and affordability," said Vibha Padalkar, managing director (MD) & chief executive (CEO), HDFC Life Insurance.
According to insurance officials, the increase in insurance penetration will be supported by the government irrespective of the political parties because of the sector's importance.
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