If the India long-term growth story is intact and the Indian market so attractive, why is the penetra- tion of financial products so low? As a case in point, life insurance penetration was at an abysmal 4.1 per cent in 2006-07, while non-life penetration was even lower at 0.6 per cent. Only around 6 per cent of household say- ings are invested in mutual funds while a meagre 3.9 per cent of household savings head towards equities.
The approach towards the spread of financial products has to be like any other …