India Life Insurance Market to Gain from Term Life Insurance through 2029
India
life insurance market is primarily driven by the increasing awareness about
life insurance among middle-class consumers, attractive insurance plans, and favorable
government regulations.
According to TechSci Research report, “India Life Insurance Market”- By Region, Competition, Forecast and Opportunities, 2019-2029,” the India life insurance
market is expected to expand significantly during the forecast period,
thanks to increasing usage of technology-based customer support systems and
rising awareness regarding future uncertainty.
Life insurance is a financial product that provides a lump sum payment
to beneficiaries of the policy in the event of the policyholder's death. When a person takes out
a life insurance policy, they usually pay regular premiums to the insurance
company. The amount of the premium depends on various factors, such as the
policyholder's age, health, and the amount of coverage they choose. The
insurance company uses the premiums to invest in various assets, and the
returns on those investments help to pay out the death benefit to the
policyholder's beneficiaries upon their death.
The life insurance
market in India is anticipated to grow substantially during the forecast period
due to the country's large population and increasing awareness about the
importance of insurance. The market is regulated by the Insurance Regulatory
and Development Authority of India (IRDAI), which manages the functioning of
insurance companies in the country.
The India life insurance
market has seen significant growth over the past few years, with the increasing
popularity of insurance products and the rise in incomes of the middle-class
population. The introduction of online insurance policies has also made it
easier for people to buy insurance products, which has contributed to the growth
of the industry.
Currently, the market is witnessing a shift toward product innovation.
Insurers are now offering a wide range of products that cater to the specific
needs of different customer segments. For example, insurers are now offering
insurance products for specific life stages, such as child plans, and retirement
plans. They are also offering products that cater to the needs of different
income groups, such as micro-insurance products for low-income groups.
Furthermore, the
COVID-19 pandemic has also had a significant impact on the life insurance
market in India. With the pandemic causing widespread uncertainty and financial
insecurity, more people are now looking to secure their future and protect
their families through life insurance. This has led to an increase in demand
for life insurance policies, particularly for term insurance, which offers a
high level of protection at an affordable cost.
Browse over XX market data Figures spread through 70 Pages and an in-depth TOC on the "India Life Insurance Market"
The India life insurance
market is segmented into type, premium type, premium range, provider, mode of
purchase, and region.
Based on type,
the market is segmented into term life insurance, unit-linked insurance plans
(ULIP), endowment insurance plans, retirement/pension plans, and others (money back
plans, etc.). Among these, the term life insurance has a significant share in
the market. The affordability and flexibility of term life insurance policies have
made them a popular choice among the Indian population, especially the young
individuals. It is an affordable option for individuals who want to ensure that
their families are financially protected in case of their untimely demise. Premiums
for term life insurance policies are generally lower than those of other types
of life insurance policies, such as endowment plans.
Based on premium
type, the market is segmented into regular, and single. Among these, the
regular segment has a significant share. The regular premium type of life
insurance policy is favored by many Indians as it offers the benefit of regular
savings, coupled with a life insurance cover. It allows individuals to save
money regularly while ensuring that their family is financially protected in
case of an unfortunate event. In case of the policyholder's death during the
policy term, the sum assured is paid to the nominee.
Major operating companies operating in the India life insurance
market are:
- Life
Insurance Corporation of India
- ICICI
Prudential Life Insurance Co. Ltd.
- Bajaj
Allianz Life Insurance Co. Ltd.
- SBI Life
Insurance Company Limited
- Reliance
Nippon Life Insurance Company Limited
- HDFC Life
Insurance Company Limited
- Aditya
Birla Sun Life Insurance Company Limited
- Max Life
Insurance Company Limited
- Kotak
Mahindra Life Insurance Company Limited
- Aviva Life
Insurance Company India Ltd.
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“The life insurance market in India is a significant and
growing industry, offering a range of products to cater to Indian consumers’
diverse needs. The presence of both domestic and foreign players in the market is expected to drive the market
in the coming years. The market is fueled by a range of life insurance
products, such as term life insurance, endowment plans, and unit-linked
insurance plans (ULIPs). The increasing awareness about the importance of life
insurance, favorable government policies, and the availability of customized
policies are expected to further bolster the India life insurance market in the
near future,” said
Mr. Karan Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
"India Life Insurance
Market By Type (Term Life Insurance, Unit-Linked Insurance Plans (ULIP),
Endowment Insurance Plans, Retirement/Pension Plans, and Others (Money Back
Plans, etc.)), By Premium Type (Regular, Single), By Premium Range (Low,
Medium, High), By Provider (Insurance Companies, Insurance Agents/Brokers,
Others (Insurtech Companies, Third Party)), By Mode of Purchase (Online,
Offline), By Region, By Company, Forecast & Opportunities, 2019-2029F," has evaluated the future
growth potential of the 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 the India life insurance market.
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