The middle class and younger generations are increasingly interested in term life insurance. A considerable part of the middle class is thinking about retirement annuity.
The payments on term life insurance policies are tax-free after the insured event occurs.
Many Indian life insurers are using digital solutions to improve accessibility of services. For example, ICICI Prudential Life Insurance cooperates with NPCI Bharat BillPay app.
Distribution channels
The market is divided into direct sales, agency sales, bank sales and app sales. Banks form the largest market share. The fact is that many insurers are owned by banking conglomerates, for example, HSBC OBC Life Insurance, ICICI Prudential Life Insurance and SBI Life Insurance.
The key players in the Indian life insurance market are 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 and Tata AIA Life Insurance Company.
Source: https://www.taiwannews.com.tw/news/5892991
Photos are from open sources.
