India Life Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2028
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India Life Insurance Market Report Overview
The gross written premium of India life insurance market was INR8.5 trillion ($102.8 billion) in 2023 and will achieve a CAGR of more than 9% during 2024-2028. The government’s initiatives to encourage infrastructure development, implement fiscal consolidation, and create a business-friendly atmosphere will enhance manufacturing competitiveness, promote exports, and propel future economic growth.
India Life Insurance Market Outlook, 2023-2028 (INR Trillion)
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The India life insurance market research report provides an in-depth market analysis, including insights into the lines of business in the country’s life insurance industry. Furthermore, the report provides a detailed outlook by product category as well as values for key performance indicators, including gross written premium, penetration, and premium ceded and cession rates for the review and forecast periods. The report also gives a comprehensive overview of the Indian economy and demographics. It further evaluates the competitive landscape in the country, which entails segment dynamics, competitive advantages, and profiles of insurers operating in the country. Moreover, it also includes details of insurance regulations and recent changes in the regulatory structure.
Market Size (2022) | INR8.5 trillion ($102.8 billion) |
CAGR (2024-2028) | >9% |
Forecast Period | 2024-2028 |
Historical Period | 2019-2023 |
Key Lines of Business | · General Annuity
· Pension · Life Health · Other Life |
Leading Companies | · LIC
· SBI Life Insurance · HDFC Standard Life Insurance · Max Life Insurance · Tata AIA Life Insurance |
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India Life Insurance Market Trends
Inclusive insurance, a growing focus on Environmental, social, and governance (ESG), and ongoing insurtech and digitalization initiatives are the recurring trends impacting the Indian life insurance market.
- Indian life insurers are expanding their portfolios to provide inclusive policies for underserved segments of society. These policies are designed to be inclusive and accessible to individuals who have previously been excluded from traditional insurance coverage. For example, Canara HSBC Oriental Bank of Commerce Life Insurance’s iSelect Star Term Plan offers insurance coverage for human immunodeficiency virus-positive individuals. It also includes the option for HIV-positive individuals to choose life cover with a guaranteed sum assured.
- ESG has been a major theme for all large insurers and will be a central part of any leading business strategy over the coming years. Insurance companies must concentrate on offering sustainable insurance options as this will drive sustainable development in the country.
India Life Insurance Market Segmentation by Lines of Business
Pension was the leading life insurance line of business in 2023
The key lines of business in the India life insurance industry are general annuity, pension, life health, and other life. In 2023, pensions accounted for the highest share of the India life insurance market. The Indian retirement system is extensively occupied by the government’s mandatory schemes. However, the National Pension System is becoming a mainstream supplementary retirement benefits option in India. Many companies are planning to switch to NPS from their existing voluntary retirement benefits.
India Life Insurance Market Analysis by Lines of Business, 2023 (%)
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India Life Insurance Market - Competitive Landscape
LIC was the largest life insurer in 2022
A few of the leading life insurance companies in India are:
- LIC
- SBI Life Insurance
- HDFC Standard Life Insurance
- Max Life Insurance
- Tata AIA Life Insurance
In 2022, LIC was the highest revenue contributor of India life insurance market.
India Life Insurance Market Analysis by Companies, 2022 (%)
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India Life Insurance Market - Latest Developments
- In September 2023 the governments of the UK and India announced a partnership to boost cross market investment in the insurance and pension sectors. The partnership, called the UK India Pensions and Insurance Partnership, will focus on knowledge sharing, growing bilateral investment, and diversifying risk.
- In August 2023 the Central Board of Direct Taxes ( issued guidelines on the withdrawal of tax benefits on any sum received under a high value life insurance policy, including bonuses.
Segments Covered in the Report
India Life Insurance Lines of Business Outlook (Value, INR Trillion, 2019-2028)
- General Annuity
- Pension
- Life Health
- Other Life
Scope
This report provides:
- A comprehensive analysis of the life insurance segment in India.
- Historical values for India’s life insurance segment for the report’s 2019–23 review period, and projected figures for the 2024–28 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 India’s life insurance segment.
- A comprehensive overview of India’s economy, government initiatives, and investment opportunities.
- India’s insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
- India’s life insurance segment’s market structure gives details of lines of business.
- India’s life reinsurance business’ market structure gives details of premium ceded along with cession rates.
- Distribution channels deployed by India’s life insurers.
- Details of the competitive landscape and competitors’ profiles.
Reasons to Buy
- Make strategic business decisions using in-depth historical and forecast market data related to India’s life insurance segment.
- Understand the demand-side dynamics, key market trends, and growth opportunities in India’s 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 2023?
The gross written premium of the Indian life insurance market was INR8.5 trillion ($102.8 billion) in 2023.
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What will the India life insurance market growth rate be during the forecast period?
The life insurance market in India will achieve a CAGR of more than 9% during 2024-2028.
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Which line of business held the largest share of the India life insurance market in 2022?
Pension accounted for the largest share of the India life insurance market in 2022.
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Which are the leading companies operating in the India life insurance market?
A few of the leading life insurance companies in India are LIC, SBI Life Insurance, HDFC Standard Life Insurance, Max Life Insurance, and Tata AIA Life Insurance.
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