As on date of publishing, this report will capture the impact assessment of COVID-19 on this market and the same will be considered in our market forecast model. Clients purchasing this report between April and June 2020 will be getting a ‘free’ updated market data excel sheet between July and September 2020 accounting for the impact of COVID-19 on the market in the current year 2020 and forecast.

India life insurance market is expected to grow at a formidable CAGR during the forecast period. India life insurance market is driven by increasing awareness about the insurance policies among the population coupled with supportive government policies & schemes. Also, growth in number of distribution channels owing to increasing popularity of online portals in the country, is positively influencing the growth of market. In addition to this, increase in road accidents along with upsurge in the population suffering from chronic diseases is further driving the market growth through 2025.

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. Based on type of coverage, the market is segmented into individual and group. Out of these, the individual segment dominated the market until 2019 which can be attributed to less premium that has to be paid as compared to group insurance plan. However, the market share for group insurance is projected to increase during the next five years which is on account of the fact that most of the private life insurance providers offer group coverage in their life insurance plans. In terms of mode of purchase, the market is fragmented into direct company representatives, online portal, insurance agent and others. Here, the direct company representative segment dominated the market until 2019 and is estimated to dominate the India life insurance market over the years to come owing to the ease of getting information since they offer customers customized packages according to the individual’s requirement.

Major players operating in the India life insurance market include 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. The market players are adopting some several strategies such as focusing on providing specialized life insurance policies for establishing their dominance in the market.

Years considered for this report:

Historical Years: 2015-2018

Base Year: 2019

Estimated Year: 2020

Forecast Period: 2021–2025

Objective of the Study:

  • To analyze and estimate the market size of India life insurance market from 2015 to 2018.
  • To estimate and forecast the market size of India life insurance market from 2019 to 2025 and growth rate until 2025.
  • To classify and forecast India life insurance market based on type of insurance providers, premium type, plan, type of coverage, term of coverage, premium range, mode of purchase, end user, company and regional distribution.
  • To identify dominant region or segment in the India life insurance market.
  • To identify drivers and challenges for India life insurance market.
  • To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in India life insurance market.
  • To conduct pricing analysis for India life insurance market.
  • To identify and analyze the profile of leading players operating in India life insurance market.
  • To identify key sustainable strategies adopted by market players in India life insurance market.


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TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of service providers across the country. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the service providers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the service providers, vendors and presence of all major players across the country.

TechSci Research calculated the market size of India life insurance market using a bottom-up approach, wherein data for various end-user segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.


Key Target Audience:

  • Life insurance service providers, vendors and other stakeholders
  • Government bodies such as regulating authorities and policy makers
  • Organizations, forums and alliances related to life insurance
  • Market research and consulting firms

The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as service providers, vendors, partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.

Report Scope:

In this report, India life insurance market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

  • India Life Insurance Market, By Type of Insurance Providers:
    • Public Sector
    • Private Players
  • India Life Insurance Market, By Premium Type:
    • Regular Premium
    • Single Premium
  • India Life Insurance Market, By Plan:
    • Endowment
    • Annuity
    • Money Back
    • Unit Linked
  • India Life Insurance Market, By Type of Coverage:
    • Individual
    • Group
  • India Life Insurance Market, By Term of Coverage:
    • Term Life
    • Whole life
  • India Life Insurance Market, By Premium Range:
    • Up to USD500
    • 501-2000
    • 2001-5000
    • 5001-10000
    • Above 10000
  • India Life Insurance Market, By Mode of Purchase:
    • Direct Company Representatives
    • Online Portal
    • Insurance Agent
    • Others
  • India Life Insurance Market, By End User:
    • BFSI
    • Consumer Good and Retail
    • Government and Public Sectors
    • Healthcare and Life Science
    • Manufacturing
    • Media and Entertainment
    • Telecommunication and ITES
    • Others
  • India Life Insurance Market, By Region:
    • North
    • East
    • West
    • South

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in India life insurance market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).
India life insurance market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at sales@techsciresearch.com  

In case you don’t find what you are looking for, please get in touch with our custom research team at sales@techsciresearch.com

1.    Product Overview

2.    Research Methodology

3.    Impact of COVID-19 on India Life Insurance Market

4.    Executive Summary

5.    Voice of Customer/Customer Insight

6.    India Life Insurance Market Outlook

6.1.  Market Size & Forecast

6.1.1.     By Value

6.2.  Market Share & Forecast

6.2.1.     By Type of Insurance Providers (Public Sector Vs Private Players)

6.2.2.     By Premium Type (Regular Premium, Single Premium)

6.2.3.     By Plan (Endowment, Annuity, Money Back, Unit Linked)

6.2.4.     By Type of Coverage (Individual, Group)

6.2.5.     By Term of Coverage (Term Life, Whole life)

6.2.6.     By Premium Range (Up to INR 5000, 5001-20000, 20001-50000, 50001-100000, Above 100000)

6.2.7.     By Mode of Purchase (Direct Company Representatives, Online Portal, Insurance Agent, Others)

6.2.8.     By Region (North, East, South, West)

6.2.9.     By Company

6.3.  Market Attractiveness Index

7.    India Public Insurance Providers Market Outlook

7.1.  Market Size & Forecast

7.1.1.     By Value

7.2.  Market Share & Forecast

7.2.1.     By Premium Type

7.2.2.     By Plan

7.2.3.     By Type of Coverage

7.2.4.     By Term of Coverage

7.2.5.     By Premium Range

8.    India Private Insurance Providers Market Outlook

8.1.  Market Size & Forecast

8.1.1.     By Value

8.2.  Market Share & Forecast

8.2.1.     By Premium Type

8.2.2.     By Plan

8.2.3.     By Type of Coverage

8.2.4.     By Term of Coverage

8.2.5.     By Premium Range

9.    Market Dynamics

9.1.  Drivers/Opportunities

9.2.  Challenges/Restraints

10.  Market Trends & Developments

11.  Policy & Regulatory Landscape

12.  India Economic Profile

13.  Competitive Landscape

13.1.              Company Profiles

13.1.1.  ICICI Prudential Life Insurance Company Limited

13.1.2.  SBI Life Insurance Company Limited

13.1.3.  Life Insurance Corporation of India

13.1.4.  Aditya Birla Sun Life Insurance Company Limited

13.1.5.  Bajaj Allianz Life Insurance Company Limited

13.1.6.  HDFC Standard Life Insurance Company Limited

13.1.7.  Max Life Insurance Company Limited

13.1.8.  PNB MetLife India Insurance Company Limited

13.1.9.  Reliance Nippon Life Insurance Company Limited

13.1.10.                Tata AIA Life Insurance Company Limited

14.  Strategic Recommendations

 15. About Us & Disclaimer 

In case you don’t find what you are looking for, please get in touch with our custom research team at sales@techsciresearch.com