According to the data collated by SBI, the overall insurance penetration has not even increased 2% in the last 10 years, going from 2.71% in 2001-02 to just 4.20% as of 2020-21. "Life insurance penetration has increased from 2.15% to 3.2% during the period, while non-life insurance penetration has moved up by just 44 basis points to stand at 1% as of 2020-21," it added.