“Final Report will add the analysis of the impact of COVID-19 on industry.”
Report Ocean has recently published a comprehensive study on the India Life Insurance Market, covering the prediction period of 2023-2031. Throughout the years, this report has diligently examined the industry, taking into account various factors such as macroeconomic parameters, consumer buying patterns, microeconomic parameters, GDP growth rate, inflation rate, and market demand-supply scenarios.
market players, such as [Aditya Birla Sun Life Insurance Company, Bajaj Allianz Life Insurance Company, Bharti AXA Life Insurance Company, Canara HSBC OBC Life Insurance Company, HDFC Life Insurance Company, ICICI Prudential Life Insurance Company, Kotak Mahindra Life Insurance Company, Max Life Insurance Company, Reliance Nippon Life Insurance Company, SBI Life Insurance Company, Tata AIA Life Insurance Company,],
Russia-Ukraine War on Market
The market is anticipated to suffer because of the Russia-Ukraine War. The demand for the market has decreased as a result of the political unrest and economic unrest in the area. The war had a detrimental impact on global economic activity, adding to inflationary pressures globally and hindering the post-pandemic recovery, even if it was not the primary cause of the slower-than-anticipated economic growth in 2022 and revised estimates for 2023.
Download Free Sample of This Strategic Report:https://reportocean.com/industry-verticals/sample-request?report_id=MR453
The healthcare sector is vital to both national economies and people all across the world. One of the industries with the fastest growth rates is this one. There is a correlation between income levels and healthcare spending across nations because healthcare spending accounts for more than 10% of the GDP of the majority of developed countries. According to the Centers for Medicare and Medicaid Services, US healthcare spending increased by 4.6% in 2019 to reach US$ 3.8 trillion, or US$ 11,582 per person and represented 17.7% of GDP. Additionally, households paid for 28.4% of all health expenditures, followed by the federal government for 29.0%. 16.1% of all healthcare costs were paid for by state and municipal governments, while 7.5% came from other private sources.
India Life Insurance Market Gaining Grounds: Forecast to Grow at a CAGR of 6.0% by 2028
India life insurance market is growing at a high CAGR because of the growing consumer awareness. Additionally, the increasing demand for term life insurance among the middle-class population and younger demographic, along with the increasing adoption of Insurtech in this sector is strengthening the market.
A recent study conducted by the strategic consulting and market research firm,Report Ocean, revealed that India life insurance market is estimated to grow at a CAGR of 6.0% during the forecast period of 2022-2028.The Indian life insurance market is growing due to growing consumer awareness and increased demand for term life insurance among the middle-class population and younger demographics. Furthermore, a large proportion of the younger generation is focused on retirement planning, which is expected to drive demand for life insurance in the forecast period. In addition, the Government of India is taking various initiatives to boost the adoption of life insurance policies among citizens, including the Pradhan Mantri Jeevan Jyoti Bima Yojana. However, the high premium rates of policies may act as a major restraint on the growth of the India life insurance market.
Tax Benefits of Life Insurance is Propelling the Market Growth
The tax advantages associated with life insurance policies are a crucial factor in driving the adoption of coverage in the country, thereby strengthening the growth of the Indian life insurance market. Section 10(D) of the Income Tax Act, 196, for instance, allows the sum assured amount paid at maturity and upon the death of the insured to be absolutely tax-free for the beneficiary. Increasing awareness regarding such benefits of life insurance policies among citizens is anticipated to fuel the market growth during the forecast period.
Request To Download Sample of This Strategic Report:-https://reportocean.com/industry-verticals/sample-request?report_id=MR453
Increasing Adoption of Insurtech by Life Insurance Companies is Powering the Market
The rising adoption of Insurtech in life insurance is providing a solid platform for increasing its accessibility among the general public and boosting its adoption. Therefore, numerous life insurance companies are deploying digital solutions to digitize their services. For instance, ICICI Prudential Life Insurance partnered with NPCI Bharat BillPay to offer ClickPay features to its customers in November 2021. Furthermore, PhonePe, Indias leading digital payment platform announced to have received preliminary approval from IRDAI to act as a broker for life and general insurance products. Such partnerships will allow both parties to enjoy financial and organizational synergies.
India Life Insurance Market – By Distribution Channel
Based on distribution channels, the India life insurance market is categorized into direct, agency, banks, and others. Among these, banks account for the largest market share. The consumers trust in the life insurance companies under the leading banks in India such as HSBC OBC Life Insurance, ICICI Prudential Life Insurance, SBI Life Insurance, and so on is higher than the other distribution channels. On the other hand, the agency segment also accounts for a large share of the market, as they assist potential customers in choosing the best policy from the various insurance companies.
India Life Insurance Market – Regional Insights
Geographically, the India life insurance market is segmented into North India, South India, East India, and West India. Western India dominates the India life insurance market, followed by South India. However, North India is also emerging with great potential with increasing demand for life insurance policies. Delhi and Uttar Pradesh rank relatively high in terms of life insurance policy demand. However, states like Bihar with relatively low life insurance coverage also hold great potential in the forecast period. The demand for life insurance is mainly being driven by the surge in COVID-19 deaths in the country.
Impact of COVID-19 on India Life Insurance Market
The COVID-19 pandemic tremendously boosted the growth of the India life insurance market. The markets growth is attributed to the increased risk of death caused by COVID-19, especially among the younger demographics. Initially, the market halted due to the life insurance companies not offering new coverage to recovering COVID-19 patients after a cooling-off period. However, the growing awareness among policy seekers as well as insurers of the long-term effects of the Coronavirus is expected to propel the India life insurance market’s growth.
Request To Download Sample of This Strategic Report:-https://reportocean.com/industry-verticals/sample-request?report_id=MR453
Market Segment:
By Insurance Type(Individual, Group)
By Distribution Channel(Direct, Agency, Banks, Others)
By Region(North India, South India, East India, West India)
The India life Insurance market is highly fragmented due to the presence of several established players. The life insurance companies in India offer various deals and benefits to attract customers. They also offer and launch various types of policies that cater to their investment needs and objectives of different kinds. Moreover, the companies adopt various competitive strategies, such as partnerships, mergers, acquisitions, joint ventures, etc., to stay ahead in the competition. The implementation of inorganic strategies, such as advertising and marketing, are also prominent in this market.
Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
- Appendix
Reasons to Buy:
Informed decision-making: Market research reports provide valuable insights into industry trends, customer behavior, and competitor analysis. This information can help businesses make informed decisions about product development, pricing, and marketing strategies.
Competitive advantage: By identifying market gaps and opportunities, market research reports can provide a competitive advantage that can help businesses differentiate themselves from their competitors and gain a larger share of the market.
Industry expertise: Market research reports are prepared by industry experts who have a deep understanding of the market and its dynamics. These reports provide an unbiased and objective view of the industry, which can be invaluable for businesses that want to gain a deeper understanding of the market.
Saves time and money: Conducting market research can be time-consuming and expensive. By purchasing a market research report, businesses can save time and money by accessing a comprehensive and detailed analysis of the market.Risk management : Market research reports can help businesses manage risks associated with market entry, product development, and expansion. By providing a detailed analysis of the market and its trends, businesses can make informed decisions that minimize risks and maximize returns.
Request full Report– https://reportocean.com/industry-verticals/sample-request?report_id=MR453
About Report Ocean:
We are the best market research reports provider in the industry. Report Ocean believes in providing quality reports to clients to meet the top line and bottom line goals which will boost your market share in today’s competitive environment. Report Ocean is a ‘one-stop solution’ for individuals, organizations, and industries that are looking for innovative market research reports.
Get in Touch with Us:
Report Ocean:
Email:sales@reportocean.com
Address: 500 N Michigan Ave, Suite 600, Chicago, Illinois 60611 – UNITED STATES
Tel:+1 888 212 3539 (US – TOLL FREE)
Website:https://www.reportocean.com