India Life Insurance Market, 2020-2027
The life insurance market in India is expected to reach a projected revenue of US$ 88,435.2 million by 2027. A compound annual growth rate of 11.2% is expected of India life insurance market from 2021 to 2027.
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Revenue, 2020 (US$M)
$42,176.9
Forecast, 2027 (US$M)
$88,435.2
CAGR, 2021 - 2027
11.2%
Report Coverage
India
India Life Insurance Market, 2016-2027 (US$M)
Global Market
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India life insurance market highlights
- The India life insurance market generated a revenue of USD 42,176.9 million in 2020 and is expected to reach USD 88,435.2 million by 2027.
- The India market is expected to grow at a CAGR of 11.2% from 2021 to 2027.
- In terms of segment, whole life insurance was the largest revenue generating product in 2020.
- Universal Life Insurance is the most lucrative product segment registering the fastest growth during the forecast period.
Life insurance market data book summary
| Market revenue in 2020 | USD 42,176.9 million |
| Market revenue in 2027 | USD 88,435.2 million |
| Growth rate | 11.2% (CAGR from 2020 to 2027) |
| Largest segment | Whole life insurance |
| Fastest growing segment | Universal Life Insurance |
| Historical data | 2016 - 2019 |
| Base year | 2020 |
| Forecast period | 2021 - 2027 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Whole Life Insurance, Term Life Insurance, Universal Life Insurance, Variable Universal Life Insurance |
| Key market players worldwide | MetLife Inc, Prudential Financial Inc, American International Group Inc, Lincoln National Corp, John Hancock Asset-Based Lending I, China Life Insurance Co Ltd Class H |
Other key industry trends
- In terms of revenue, India accounted for 4.0% of the global life insurance market in 2020.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2027.
- In Asia Pacific, China life insurance market is projected to lead the regional market in terms of revenue in 2027.
- India is the fastest growing regional market in Asia Pacific and is projected to reach USD 88,435.2 million by 2027.
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Life Insurance Market
Life Insurance Market segmentation & scope
Life Insurance Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| American International Group Inc | View profile | 25,200 | 1271 Avenue of the Americas, New York, NY, United States, 10020 | www.aig.com |
| MetLife Inc | View profile | 45,000 | 200 Park Avenue, New York, NY, United States, 10166-0188 | www.metlife.com |
| Prudential Financial Inc | View profile | 40,658 | 751 Broad Street, Newark, NJ, United States, 07102 | www.investor.prudential.com |
| Lincoln National Corp | View profile | 11,024 | 150 North Radnor-Chester Road, Suite A305, Radnor, PA, United States, 19087 | www.lincolnfinancial.com |
| John Hancock Asset-Based Lending I | View profile | - | - | - |
| China Life Insurance Co Ltd Class H | View profile | 100,000 | No. 16, Financial Street, Xicheng District, Beijing, China, People's Republic of, 100033 | www.e-chinalife.com |
India Life Insurance Market
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to Life Insurance Market will help companies and investors design strategic landscapes.
Whole Life Insurance was the largest segment with a revenue share of 34.09% in 2020.
Horizon Databook has segmented the India life insurance market based on whole life insurance, term life insurance, universal life insurance, variable universal life insurance covering the revenue growth of each sub-segment from 2016 to 2027.
- India Life Insurance Market Product Outlook (Revenue, USD Million , 2016-2027)
- Whole Life Insurance
- Term Life Insurance
- Universal Life Insurance
- Variable Universal Life Insurance
- India Life Insurance Market Distribution Channel Outlook (Revenue, USD Million , 2016-2027)
- Agency
- Broker
- Bancassurance
- Digital & Direct Channels
- India Life Insurance Market Type Outlook (Revenue, USD Million , 2016-2027)
- Individuals
- Corporate houses/Business Units
- Others (Govt. agencies and NGOs
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Horizon Databook provides a detailed overview of country-level data and insights on the India Life Insurance Market, including forecasts for subscribers. This country databook contains high-level insights into India Life Insurance Market from 2016 to 2027, including revenue numbers, major trends, and company profiles.
India Life Insurance Market, 2016-2027 (US$M)
India life insurance market statistics, by product, 2016-2027 (US$M)
