India Life Insurance Market Share, Analysis, Growth, Trends & Forecast
A growing number of accidents along with increasing awareness about life insurance policies drive the Indian 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 make them more attractive, which in turn is expected to positively influence 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 in the growth of Indian 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.
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The India life insurance market is segmented based on the 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 installments depending on your insurance plan. On the other hand, the 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.
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“Indian life insurance market is expected to witness significant growth during the forecast period on account of the introduction of new innovative policies by the major market players in terms of high-interest rates in the country. Additionally, an increase in household financial savings by the customers to invest more in life insurance plans is further expected to create lucrative opportunities for 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.
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