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India Life Insurance Market Size, Share & Market Forecast 2026

According to #TechSci Research Report- 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.<br>Report URL: https://www.techsciresearch.com/report/india-life-insurance-market/4786.html<br> <br>#TechSci #marketresearch #consultingfirms #lifeinsurancemarket #lifeinsuranceindustry<br>

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India Life Insurance Market Size, Share & Market Forecast 2026

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  1. FY2016–FY2026 INDIA LIFE INSURANCE MARKET FORECAST & OPPORTUNITIES www.techsciresearch.com MARKET INTELLIGENCE . CONSULTING

  2. Scope of Report Product of Interest (POI): Life Insurance Life insurance is a contract between insurance company and insurance policy holder in which insurance company is liable to pay a certain amount of sum in return for premium upon the death of the insurance policy holder. Depending on the contract, other events such as terminal illness or critical illness can also trigger payment. Market Segmentation PLAN PREMIUM TYPE TYPE OF INSURANCE PROVIDERS LIFE INSURANCE MARKET Endowment Annuity Money Back Unit Linked Year Range • Regular Premium Single Premium • Public Sector Private Players • • • • • Review Period • FY2016 – FY2019 Base Year PREMIUM RANGE TYPE OF COVERAGE TERM OF COVERAGE MODE OF PURCHASE REGION FY2020 Individual Group Up to INR 5000 5001-20000 20001-50000 50001-100000 Above 100000 Term Life Whole life • Direct Company Representatives Online Portal Insurance Agent Others • • • North South East West • • • • Estimated Year • • • • FY2021 • • • Forecast Period • • FY2022 – FY2026 2

  3. Table of Contents S. No. Contents Page No. Product Overview (A brief description of the category and product inclusions considered under the scope of the study to give clear picture to the client about the product of interest.) Research Methodology (A brief description of the category and product inclusions considered under the scope of the study to give clear picture to the client about the product of interest.) Executive Summary (This chapter covers summary of the complete study.) Voice of Customer (Brand Awareness, Challenges Faced Post Purchase, Factors Influencing Purchase Decision) India Life Insurance Market Outlook, FY2016-FY2026F (This chapter includes a brief overview of the product of interest market such as total market’s growth rate, expected growth rate, key growth levers, leading region, top grossing product types, etc. It includes more of a qualitative information about the market.) 5.1. Market Size & Forecast 1. 2. 3. 4. 5. 5.1.1. Market Share & Forecast (The overall product of interest bifurcated/split among various segments.) 5.2.1. By Type of Insurance Providers (Public Sector Vs Private Players) By Value 5.2. 5.2.2. By Premium Type (Regular Premium, Single Premium) 5.2.3. By Plan (Endowment, Annuity, Money Back, Unit Linked) 5.2.4. By Type of Coverage (Individual, Group) 5.2.5. By Term of Coverage (Term Life, Whole life) By Premium Range (Up to INR 5000, 5001-20000, 20001-50000, 50001- 100000, Above 100000) By Mode of Purchase (Direct Company Representatives, Online Portal, Insurance Agent, Others) By Company (FY2020) 5.2.6. 5.2.7. 5.2.7. 5.2.8. By Region 5.3. Product Market Map 6. India Public Insurance Providers Market Outlook, FY2016-FY2026F 3

  4. Table of Contents S. No. Contents Page No. Market Size & Forecast 6.1. 6.1.1. By Value 6.2. Market Share & Forecast 6.2.1. By Premium Type 6.2.2. By Plan 6.2.3. By Type Of Coverage 6.2.4. By Term Of Coverage 6.2.5. By Premium Range 7. India Private Insurance Providers Market Outlook, FY2016-FY2026F Market Size & Forecast 7.1. 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. Market Dynamics (This chapter assesses the major demand drivers and restraints.) 8.1. Drivers 8.2. Challenges Market Trends & Developments (This section captures recent trends pertaining to manufacturing or consumption, market movements in terms advancements and development) 9. of points of production and consumption, 4

  5. Table of Contents S. No. Contents Page No. 10. Policy & Regulatory Landscape 11. India Economic Profile 12. Impact of COVID-19 on India Life Insurance Market 13. Competitive Landscape 13.1. Competitive Outlook 13.2. Company Profiles (Top 10 Leading Companies) 13.2.1. Company Details 13.2.2. Products & Services 13.2.3. Financials (As Reported) 13.2.4. Key Market Focus & Geographical Presence 13.2.5. Recent Developments 13.2.6. Key Management Personnel 14. Strategic Recommendations 15. About Us & Distributor 5

  6. RESEARCH METHODOLOGY RESEARCH METHODOLOGY

  7. Research Methodology Market Profiling Data Analysis Data Data Developing List of Respondents Formulating Questionnaire Collection Validation In-depth research was conducted to determine players in the India Life Insurance overall market size and segmental market size. secondary The data was scrutinized using statistical internal database qualitative quantitative about the Insurance market. Data obtained as a result primary secondary research validated through rigorous triangulation. TechSci interviews industry experts and industry players for data collection and verification. conducted In order to conduct industry interviews, formulated detailed discussion guide. List players industry specialists was developed. of industry MS-Excel, tools proprietary to obtain of with experts’ TechSci and top and and a market, was and insights India Life Primary Research Desk Research Company Analysis Recent Developments Market Changing Aspects/Dynamics ✓ Government Policies ✓ Conclusion ✓ ✓ Market Participants Key Strengths ✓ ✓ Identifying Key Opinion Leaders Questionnaire Design In-depth Interviews ✓ Actionable Insights Data Filter & Analysis Business Solution Research & Intelligence Data Collection ✓ ✓ Primary Research Secondary Research Paid Sources LinkedIn TechSci Internal Database Company Websites Company Annual Reports White Paper Study Financial Reports Investor Presentations Regulatory Body Associations, etc. Factiva Hoovers ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ 7

  8. Research Methodology Baseline Methodology Our dedicated team of industry experts has monitored and analyzed various aspects of India Life Insurance market. The team has analyzed the outlook of various segments of this market, while considering the major influencing factors such as increasing awareness about the insurance policies. The study includes market forecasting, which would enable our clients to take better decisions while planning their strategy to achieve sustainability in India Life Insurance market. Methodology Followed for Calculation of Market Size: Market Size By Value : Market size, in terms of value, for the year FY2020 was calculated based on information collected through exhaustive • secondary research and primary surveys, with various key opinion leaders/stakeholders, such as life insurance companies, end users, industry experts, and other industry participants. The team interviewed more than 40 – 50 companies, 180 – 200 end users, and 15 – 20 industry experts and other value chain stakeholders in the India • life insurance market to obtain the overall market size from FY2016 to FY2020, which was validated by the Delphi technique. Taking standard deviation into consideration, the market size was averaged out, to arrive at the market size data during FY2016-FY2020. Respondents were asked about the current and future market growth rates, market shares by type of insurance providers, by premium type, by plan, by • type of coverage, by term of coverage, by premium range, by region and by company. Removing the outlier responses, the geometric mean of growth estimates and supplier wise revenue shares generated across various segments were considered, to arrive at the final revenue shares. Revenue shares generated across various segments were further triangulated from other stakeholders. 8

  9. Research Methodology Methodology Followed for Calculation of Market Shares: Market shares by type of insurance providers, by premium type, by plan, by type of coverage, by term of coverage, by premium range by region and by company were calculated based on the responses received through primary surveys with industry experts, in which the respondents were asked about the market shares or revenue generated from various segments of life insurance market. The final shares were calculated by taking the geometric mean of the responses gathered from key opinion leaders after eliminating the outliers. Methodology Followed for Forecasting: TechSci Research performed periodical checks on data collected through the surveys with logic checks and analyzed the survey results in • SPSS/Tableau Software. Data triangulation techniques were applied to fill the gaps and to present a more meaningful picture of the market. To forecast India Life Insurance • market, TechSci Research used various forecast techniques such as: Moving Average ✓ Time Series Analysis ✓ Regression Analysis ✓ Econometric and Judgmental Analysis ✓ 9

  10. Research Methodology TechSci Research used its own forecast tool, which is based on the growth of various allied industries in respective regions. TechSci Research also used the impact analysis during short, medium and long term period to estimate the demand and to reach accurate market numbers. It should be noted that the figures compiled are only for the organized market including market share data. Partial List of Companies Interviewed Key Secondary Sources ▪ ICICI Prudential Life Insurance Company Limited ▪ World Bank ▪ SBI Life Insurance Company Limited ▪ TechSci Research Proprietary Database & Knowledge ▪ Life Insurance Corporation of India Repository ▪ Aditya Birla Sun Life Insurance Company Limited ▪ Company Annual Reports ▪ Bajaj Allianz Life Insurance Company Limited ▪ Industry Magazines ▪ HDFC Standard Life Insurance Company Limited ▪ Industry Reports ▪ Max Life Insurance Company Limited ▪ Statista ▪ PNB MetLife India Insurance Company Limited ▪ News Dailies ▪ Reliance Nippon Life Insurance Company Limited ▪ Credible Paid Databases ▪ Tata AIA Life Insurance Company Limited 10

  11. Industry Brief 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 makes them more attractive, which in turn is expected to positively influence the 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 for the growth of India 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. 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. 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 instalments depending on your insurance plan. On the other hand, 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. 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 are some of the leading players operating in India life insurance market. Life Insurance Corporation of India (LIC), is the only public sector life insurer in the country and held the largest market share of around 52% until 2019 and is anticipated to maintain its leading position in the years to come. In the private sector, HDFC standard life insurance is leading the market with a share of close to 14% followed by SBI Life Insurance and ICICI Prudential Life Insurance. “India life insurance market is expected to witness significant growth during the forecast period on account of introduction of new innovative policies by the major market players in terms of high interest rate in the country. Additionally, increase in household financial savings by the customers to invest more on life insurance plans is further expected to create lucrative opportunities for the market growth over the next few years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based India management consulting firm. 11

  12. Sample Data - Snapshot India Life Insurance Market Size, By Value (USD Million), FY2016–FY2026F 15.00 14.00 13.00 12.00 11.00 10.00 9.00 8.00 7.00 6.00 5.00 CAGR By Value XX% CAGR By Value YY% FY2016 FY2020 FY2021E FY2026F By Value (USD Million) India Insurance Market Share, By Type Of Insurance Providers, By Value, FY2016–FY2026F Public Sector India Insurance Market Share, By Premium Type, By Value, FY2016–FY2026F Regular Premium Single Premium Private Players 50% 50% FY2026F FY2026F 50% 50% FY2025F 50% 50% FY2025F 50% 50% FY2024F 50% 50% FY2024F 50% 50% FY2023F 50% 50% FY2023F 50% 50% FY2022F 50% 50% FY2022F 50% 50% FY2021E 50% 50% FY2021E 50% 50% FY2020 50% 50% FY2020 50% 50% FY2019 50% 50% FY2019 50% 50% FY2018 50% 50% FY2018 50% 50% FY2017 50% 50% FY2017 50% 50% 50% 50% FY2016 50% 50% FY2016 India Public Insurance Providers Market Share, By Plan, By Value, FY2016–FY2026F Endowment Annuity Money Back Unit Linked FY2026F 25% 25% 25% 25% FY2025F 25% 25% 25% 25% FY2024F 25% 25% 25% 25% FY2023F 25% 25% 25% 25% FY2022F 25% 25% 25% 25% FY2021E 25% 25% 25% 25% FY2020 25% 25% 25% 25% FY2019 25% 25% 25% 25% FY2018 25% 25% 25% 25% FY2017 25% 25% 25% 25% 25% 25% 25% 25% FY2016 12

  13. Report Ordering Report Name: INDIA LIFE INSURANCE MARKET FORECAST & OPPORTUNITIES FY2016–FY2026 Report Price License Type Price Electronic Access - Single User License $2950 Electronic Access - Multi-User License $3750 Custom Research License $7500 To View Sample OR Purchase Report 13

  14. About Us & Disclaimer TechSci Research is a global market research and consulting company with offices in the US, UK and India. TechSci Research provides market research reports in number of areas to organizations. The company uses innovative business models that focus on improving productivity, while ensuring creation of high-quality reports. The proprietary forecasting models use various analyses of both industry-specific and macroeconomic variables on a state-by-state basis to produce a unique ‘bottom-up’ model of a country, regional and global industry prospects. Combined with the detailed analysis of company activity and industry trends, the result is a uniquely rich evaluation of the opportunities available in the market. Related Reports India Mobile Phone Insurance Market By Phone Coverage (New Phone & Refurbished), By Coverage (Physical Damage, Electronic Damage, Theft Protection, Virus Protection & Others), By Distribution Channel (Mobile Operators, Device OEMs, Retailers, Online & Others), By Plan (Up to USD20, USD20.1-USD30, USD30-USD45 & Above USD45), By End User (Corporate & Personal), Competition, Forecast & Opportunities, 2025 • India Car Insurance Market By Vehicle Type (New Car & Used Car), By Type (Third Party Insurance & Comprehensive Insurance), By Source (Insurance Broker/Agency & Online), By Premium Type (Personal Insurance Premium & Commercial Insurance Premium), Competition, Forecast & Opportunities, 2025 • TechSci Research – North America 708 Third Avenue, Manhattan, New York, United States Tel: +1- 646- 360- 1656 Email: sales@techsciresearch.com www.techsciresearch.com TechSci Research – Europe 54, Old brook, Bretton, Peterborough, United Kingdom Email: sales@techsciresearch.com www.techsciresearch.com TechSci Research – Asia-Pacific B – 44, Sector – 57, Noida, National Capital Region, U.P. - India Tel: +91-120-4523900 Email: sales@techsciresearch.com www.techsciresearch.com Disclaimer The contents of this report are based on information generally available to the public from sources believed to be reliable. No representation is made that it is timely, accurate or complete. TechSci Research has taken due care and caution in compilation of data as this has been obtained from various sources including which it considers reliable and firsthand. However, TechSci Research does not guarantee the accuracy, adequacy or completeness of any information and it is not responsible for any errors or omissions or for the results obtained from the use of such information and especially states that it has no financial liability whatsoever to the subscribers / users of this report. The information herein, together with all estimates and forecasts, can change without notice. All the figures provided in this document are indicative of relative market size and are strictly for client’s internal consumption. Usage of the same for purpose other than internal will require prior approval of TechSci Research.

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