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Life Insurance Market in India 2019

  • ID: 5017303
  • Report
  • November 2019
  • Region: India
  • 89 pages
  • Netscribes (India) Pvt Ltd
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The Indian financial services sector is a highly volatile sector, influenced by fiscal and monetary policies, government regulations, trade rules, tax changes, and technology changes. The insurance industry in India is regulated by the Insurance Regulatory and Development Authority of India (IRDAI), which is an autonomous body established in 1999.

Market segment insights

In India, currently there are 24 life insurance players, which comprise 1 public sector and 23 private sector players. The Indian life insurance market is exhibiting immense growth, next to banks for mobilized savings, and is a formidable part of the Indian capital market. In FY 2019, the life insurance sector accounted for approximately 2.68% to India’s gross domestic product (GDP).

LIC is the sole public sector life insurance company in India. However, private life insurance companies have been penetrating the market since 2000, mainly through unique customer services.

In terms of the number of new policies issued, shares of both LIC and private insurers have increased during the FY 2017-FY 2018 period. In FY 2018, LIC held a share of ~75.67% in terms of the number of new policies issued, the rest being acquired by private insurers. The demand for LIC policies is usually high, owing to the handsome maturity value offered by the company at the end of the policy terms.

Considering the amount of premium collected in FY 2018, LIC alone held a share of ~69.36%. However, the share of private insurers, in terms of premium collected, had increased during the FY 2017-FY 2018 period at a rate of ~19.17%, mainly due to innovative product mixes offered by the companies. In FY 2018, out of the top private insurers operating in India, ICICI Prudential had the highest market share (~5.9%), followed by SBI Life (~5.53%) and HDFC Standard (~5.14%).

Key growth drivers of the market

On the macroeconomic front, the Indian economy has been gaining momentum since FY 2018. Moreover, India’s young population with increased purchasing power and greater inclination towards security products is growing. However, the penetration of life insurance in India is shallow, compared to the advanced and emerging economies of the world. In a way, life insurance companies are utilizing the opportunity of penetrating the Indian market, thereby taking advantage of its expanding economy and rising individual income level.

Key deterrents to the growth of the market

High lapse ratio, due to low persistency, is having a detrimental impact on the overall business of insurers. This is because lapsation of insurance policies result in a negative impact on customer retention, product performance, pricing factors, product image and workforce planning.

Companies covered
  • Life Insurance Corporation of India
  • HDFC Life Insurance Company Limited
  • ICICI Prudential Life Insurance Company Limited
  • SBI Life Insurance Company Limited
  • Aditya Birla Sun Life Insurance Company Limited
  • Bajaj Allianz 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
Note: Product cover images may vary from those shown
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Chapter 1: Executive summary

Chapter 2: Socio-economic indicators

Chapter 3: Introduction
3.1. Market definition and structure
3.2. Evolution of the Indian insurance sector
3.3. Regulatory body for the Indian insurance sector – IRDA

Chapter 4: Market overview – life insurance
4.1. India life insurance market overview
4.1.1. Historical and forecast market size (FY 2014-FY 2024e)
4.2. Share of life insurance in financial savings of Indians (FY 2014-FY 2018)
4.3. Number of products of all market players
4.4. Death claims for FY 2018
4.4.1. Individual death claims of life insurers
4.4.2. Group death claims of life insurers
4.5. Claim settlement ratio of all market players as of FY 2018

Chapter 5: Industry analysis
5.1. Life insurance density and penetration In India
5.1.1. Life insurance density in India
5.1.2. Life insurance penetration in India
5.2. Number of life insurance offices
5.2.1. Geographical distribution of life insurance offices
5.2.1.1. Industry-wise
5.2.2. Geographical distribution of life insurance offices
  • LIC
5.2.3. Geographical distribution of life insurance offices
  • Private insurers
Note: Geographical distribution refers to presence in metropolis, urban, semi-urban and rural areas
5.3. Composition of total insurance premium by life insurers
  • First year premium
  • Single premium
  • New business premium
  • Renewal premium
  • Total premium
5.4. Share of different components of total premium
  • First year premium
  • Single premium
  • New business premium
  • Renewal premium
  • Total premium
5.5. Number of life insurance policies in different states/union territories in India for FY 2018
5.6. First year premium of life insurers as of FY 2019

Chapter 6: Market segmentation
6.1. Market segmentation – LIC vs private insurers split (FY 2017 and FY 2018)

Chapter 7: Investments
7.1. Total investments by life insurers – category-wise
7.2. Total investments by life insurers – fund-wise

Chapter 8: Market influencers
8.1. Market drivers
8.2. Market challenges

Chapter 9: Impact of goods and services tax (GST)
9.1. Impact of goods and services tax (GST) on life insurance premium

Chapter 10: Competitive landscape
10.1. Porter’s five forces analysis
10.2. Market share of major life insurance players operating in India
10.3. Life Insurance Corporation of India
  • Company Information
  • Business description
  • Products/services
  • Key people
  • Key ratios
  • Financial snapshot (INR Bn)
  • Key financial performance indicator
  • Key business segments
  • Key geographical segments
Note: Similar information covered for all other public companies. Private companies' data given on best effort basis.
10.4. HDFC Life Insurance Company Limited
10.5. ICICI Prudential Life Insurance Company Limited
10.6. SBI Life Insurance Company Limited
10.7. Aditya Birla Sun Life Insurance Company Limited
10.8. Bajaj Allianz Life Insurance Company Limited
10.9. Max Life Insurance Company Limited
10.10. PNB Metlife India Insurance Company Limited
10.11. Reliance Nippon Life Insurance Company Limited
10.12. TATA AIA Life Insurance Company Limited

Chapter 11: Appendix
11.1. Research methodology
11.2. About the Publisher
11.3. Disclaimer
Note: Product cover images may vary from those shown
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  • Life Insurance Corporation of India
  • HDFC Life Insurance Company Limited
  • ICICI Prudential Life Insurance Company Limited
  • SBI Life Insurance Company Limited
  • Aditya Birla Sun Life Insurance Company Limited
  • Bajaj Allianz 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
Note: Product cover images may vary from those shown
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