India Life Insurance Market to Grow at an Impressive Rate until 2025
Growing number of accidents
along with increasing awareness about life insurance policies to drive India
life insurance market
According
to TechSci Research report, “India Life Insurance Market By Type of Insurance
Providers (Public Sector Vs Private Players), By Premium Type (Regular Premium,
Single Premium), By Plan (Endowment, Annuity, Money Back, Unit Linked), By Type
of Coverage (Individual, Group), By
Term of Coverage (Term Life, Whole life), By Premium Range (Up to USD500,
501-2000, 2001-5000, 5001-10000, Above 10000), By Mode of Purchase (Direct
Company Representatives, Online Portal, Insurance Agent, Others), By End User
(Minors, Adults, Senior Citizens), By Region, Forecast & Opportunities,
2025”, the India life insurance market
is expected to grow at an impressive rate during the forecast period on account
of potential benefits being offered by life insurance plans. Additionally, tax
incentives on insurance products makes them more attractive, which in turn is
expected to positively influence the market growth over the coming years.
Furthermore, growing middle class, young insurable population across the country
is expected to create lucrative opportunities for the market growth. Moreover,
increasing awareness regarding the requirement for protection and retirement
planning is making headway for the growth of India life insurance market. Along
with this, the major companies operating in the market are regulating the
recent product guidelines by focusing on policyholder interests such as
surrender values and relaxed revival period which is further anticipated to drive
the market growth during the next five years.
Browse
XX market data Tables and XX Figures spread through XX Pages and an in-depth TOC on "
India Life Insurance Market"
https://www.techsciresearch.com/report/india-life-insurance-market/4786.html
The India life insurance market is segmented based on type of insurance providers, premium type, plan, type
of coverage, term of coverage, premium range, mode of purchase, end user,
company, and region. In terms of premium type, the market is fragmented into
regular premium and single premium. Out of these, the regular premium segment
is estimated to dominate the market during the next five years which can be
attributed to ease of payment in monthly, quarterly, or yearly instalments
depending on your insurance plan. On the other hand, single premium is favorable
when the total payable amount is less. Based on insurance providers, the market
is segmented into public and private life insurers. Out of these, the public
sector dominated the market until 2019 on account of public faith in public
insurance providers more than private ones.
ICICI Prudential Life Insurance Company Limited, SBI Life Insurance
Company Limited, Life Insurance Corporation of India, Aditya Birla Sun Life
Insurance Company Limited, Bajaj Allianz Life Insurance Company Limited, HDFC
Standard Life Insurance Company Limited, Max Life Insurance Company Limited,
PNB MetLife India Insurance Company Limited, Reliance Nippon Life Insurance
Company Limited, Tata AIA Life Insurance Company Limited and others are some of
the leading players operating in India life insurance market. Life Insurance
Corporation of India (LIC), is the only public sector life insurer in the
country and held the largest market share of around 52% until 2019 and is
anticipated to maintain its leading position in the years to come. In the
private sector, HDFC standard life insurance is leading the market with a share
of close to 14% followed by SBI Life Insurance and ICICI Prudential Life
Insurance.
Download Sample Report @ https://www.techsciresearch.com/sample-report.aspx?cid=4786
Customers can also
request for 10% free customization on this report.
“India life insurance market is expected
to witness significant growth during the forecast period on account of introduction
of new innovative policies by the major market players in terms of high
interest rate in the country. Additionally, increase in household financial
savings by the customers to invest more on life insurance plans is further
expected to create lucrative opportunities for the market growth over the next
few years.” said Mr. Karan Chechi, Research Director with
TechSci Research, a research based India management consulting firm.
“India Life Insurance Market By Type of Insurance
Providers (Public Sector Vs Private Players), By Premium Type (Regular Premium,
Single Premium), By Plan (Endowment, Annuity, Money Back, Unit Linked), By Type
of Coverage (Individual, Group), By Term of Coverage (Term Life, Whole life),
By Premium Range (Up to USD500, 501-2000, 2001-5000, 5001-10000, Above 10000),
By Mode of Purchase (Direct Company Representatives, Online Portal, Insurance
Agent, Others), By End User (Minors, Adults, Senior Citizens), By Region, Forecast & Opportunities, 2025”, has
evaluated the future growth potential of India life insurance market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in India life insurance market.
Contact
Mr. Ken Mathews
708 Third Avenue,
Manhattan, NY,
New York – 10017
Tel: +1-646-360-1656
Email: [email protected]