India Life Insurance Market Outlook 2025 By Demand, Share, Revenue Analysis

Growing number of accidents along with increasing awareness about life insurance policies to drive India 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, the growing middle-class, young insurable population across the country is expected to create lucrative opportunities for market growth. Moreover, increasing awareness regarding the requirement for protection and retirement planning is making headway toward growth. 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 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 it. 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.

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“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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