Finance Protection gap very high in India even after term insurance available for as low as Rs 1,000/month Updated : September 25, 2020 08:18 AM IST The life insurance penetration rate in India continues to be one of the lowest across the globe at 2.74 percent as per the latest annual report by the IRDAI. Subscribe to Moneycontrol PRO at just Rs.33/- per month for the first year. Use code SUPERPRO. Limited period offer. Available on Web and Android.