Insurance Regulatory and Development Authority (Irda) Chairman J Hari Narayan on Thursday said overall growth in the insurance business this financial year would be "encouraging".
In the April-July period, the sector grew 17 per cent, compared to the year-ago period. However, growth for the entire financial year might not be at such high levels, he said.
"One should look at life insurance as one of the various instruments of savings. If savings are constrained, either because of inflation or because of other methods, insurance would obviously suffer," he told reporters, adding amendments to the Income Tax Act would have a negative impact on insurance.
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