Insurance one of the most commonly requirement of an every individual, India’s life insurance industry is expected to grow at a compound annual growth rate (CAGR) of 10.9% through 2026, driven by growing awareness and positive regulatory landscape and in terms of gross written premiums. In 2022, many financial analysts stated that ages between 18 to 58 people are more interested in acquiring life insurance policies and drastically with massive awarness of life insurance premiums benefits and many more about in related to insurance.
“The life insurance industry in country is still proving a massive growth and variation supported by many age groups and even insurance companies also continuously increasing policy variations and many wide range of policies based on different salary income groups , and also with a favor environment. Private insurers are also increasingly offering group life policies as an employee benefit. Such policies, where the risk pool is diverse leading to lower premiums, are cost-effective employee encouraging measures.”
From last few years, Especially after pandemic situation people are more cautious about emergency fund also in that due course, Indian life insurers also have gained strong growth in the sales of group life insurance policies. The Life Insurance Corporation of India (LIC), the largest life insurer in the country, with 576% market share, recorded 14.9% growth in group life premiums in FY2021 .
Another factor that has supported the growth of the insurance industry in the country, is the government’s friendly schemes which also supported many people from other category (whose income is below half of yearly premiums).which leads to countrys better standard of living growth
Mainly young people, who are more concentrated these life insurance policies to make better future after attaining certain middle age