The Indian insurance industry is expected to grow to US$ 280 billion by FY2020, owing to the solid economic growth and higher personal disposable incomes in the country. The Indian insurance industry is expected to grow to Rs 19,56,920 crore (US$ 280 billion) by FY2020, owing to the solid economic growth and higher personal disposable incomes in the country. Gross premiums written in India reached Rs 5,78,000 crore (US$ 82.8 billion) in FY19, with Rs 4,08,000 crore (US$ 58.5 billion) from life insurance and Rs 1,69,000 crore (US$ 24.3 billion) from non-life insurance. Government has approved the ordinance to increase Foreign Direct Investment (FDI) limit in Insurance sector from 26 per cent to 49 per cent which would further help attract investments in the sector. As per Union Budget 2019-20, 100 per cent FDI will be permitted for insurance intermediaries.