India Life Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2027
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India Life Insurance Market Report Overview
The gross written premium of India life insurance market was INR7.9 trillion ($100.4 billion) in 2022 and is expected to achieve a CAGR of more than 12% during 2023-2027. The India life insurance market research report provides in-depth market analysis, information, insights, and a detailed outlook by product category for Indian life insurance segment. It also provides values for key performance indicators such as gross written premium, penetration, and premium ceded and cession rates during the review period and forecast period.
India Life Insurance Market Outlook, 2022-2027 (INR Trillion)
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The report analyzes distribution channels operating in the segment, gives a comprehensive overview of the Indian economy and demographics, and provides detailed information on the competitive landscape in the country. It also gives insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. Moreover, it includes details of insurance regulations and recent changes in the regulatory structure.
Market Size (2022) | INR7.9 trillion ($100.4 billion) |
CAGR (2023-2027) | >12% |
Forecast Period | 2023-2027 |
Historical Period | 2018-2022 |
Key Lines of Business | · General Annuity
· Pension · Life Health |
Key Distribution Channels | · Direct Marketing
· E-Commerce · Insurance Brokers · Bancassurance · Agencies |
Leading Companies | · Life Insurance Corporation of India
· SBI Life Insurance Company Ltd · HDFC Standard Life Insurance · ICICI Prudential Life Insurance · Max Life Insurance |
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India Life Insurance Market Trends
ESG, personalization & hyper-personalization, inclusivity, and mental healthcare services are the key trends impacting the Indian LI market.
ESG: The adoption of sustainability is still in its infancy in the Indian insurance industry as Indian firms have lagged due to a lack of regulation and initiatives from domestic institutional investors. The regulatory climate is changing as the new BRSR requirements become compulsory for Indian corporations in 2023, mandating listed companies to declare their ESG footprint. Furthermore, with the advance of artificial intelligence (AI) and data analytics, insurers are offering policies catering to individual needs. These custom-made policies can be bought and managed online.
India Life Insurance Market Segmentation by Lines of Business
The key lines of business in the India life insurance industry are general annuity, pension, life health, and other life insurance. Pension was the leading life insurance line of business in 2022 and is expected to rise considerably in 2027.
India Life Insurance Market Analysis by Lines of Business, 2022 (%)
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India Life Insurance Market Segmentation by Distribution Channel
The key distribution channels in the Indian life insurance industry are direct marketing, e-commerce, insurance brokers, bancassurance, agencies, and other distribution channels. Agencies were the leading distribution channel in 2022 followed by bancassurance. Insurers such as SBI Life and HDFC Standard Life depend on bancassurance as their primary distribution channel.
India Life Insurance Market Analysis by Distribution Channel, 2022 (%)
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India Life Insurance Market - Competitive Landscape
The leading life insurance companies in India are Life Insurance Corporation of India, SBI Life Insurance, HDFC Standard Life Insurance, ICICI Prudential Life Insurance, and Max Life Insurance, among others. Life Insurance Corporation of India was the largest insurer, followed by SBI Life Insurance in 2021. Among all the life insurers in the market, LIC was the only one in the public sector, while the remaining insurers belonged to the private sector.
India Life Insurance Market Analysis by Companies, 2021 (%)
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Segments Covered in the Report
India Life Insurance Lines of Business Outlook (Value, INR Trillion, 2018-2027)
- General Annuity
- Pension
- Life Health
India Life Insurance Distribution Channel Outlook (Value, INR Trillion, 2018-2027)
- Direct Marketing
- E-Commerce
- Insurance Brokers
- Bancassurance
- Agencies
Scope
This report provides:
- A comprehensive analysis of the life insurance segment in India
- Historical values for the Indian life insurance segment for the report’s review period and projected figures for the forecast period
- Profiles of the top life insurance companies in India and outlines the key regulations affecting them.
Key Highlights
- Key insights and dynamics of the Indian life insurance segment.
- A comprehensive overview of the Indian economy, government initiatives, and investment opportunities.
- The Indian insurance regulatory framework’s evolution, key facts, taxation regime, licensing and capital requirements.
- The Indian life insurance segment’s market structure giving details of lines of business.
- The Indian life reinsurance business’ market structure gives details of premium ceded along with cession rates.
- Distribution channels deployed by the Indian life insurers.
- Details of the competitive landscape and competitors’ profiles.
Reasons to Buy
- Make strategic business decisions using in-depth historic and forecast market data related to the Indian life insurance segment.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the India life insurance segment.
- Assess the competitive dynamics in the life insurance segment.
- Identify growth opportunities and market dynamics in key product categories.
SBI Life Insurance Company Ltd
ICICI Prudential Life Insurance Company Ltd
HDFC Life Insurance Company Ltd
Max Life Insurance Company Ltd
Kotak Mahindra Life Insurance Company Ltd
Bajaj Allianz Life Insurance Company Ltd
Tata AIA Life Insurance Company Ltd
Table of Contents
Frequently asked questions
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What was the India life insurance market gross written premium in 2022?
The gross written premium of the India life insurance market was INR7.9 trillion ($100.4 billion) in 2022.
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What is the growth rate of the India life insurance market?
The life insurance market in India is expected to achieve a CAGR of more than 12% during 2023-2027.
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Which line of business holds the largest share of the India life insurance market?
Pension is the leading life insurance line of business in the Indian life insurance market.
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Which distribution channel holds the highest share in the India life insurance market?
Agencies was the leading distribution channel in 2022 in the Indian life insurance market.
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Which are the key companies operating in the India life insurance market?
The leading life insurance companies in India are Life Insurance Corporation of India, SBI Life Insurance, HDFC Standard Life Insurance, ICICI Prudential Life Insurance, and Max Life Insurance, among others.
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