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Online Life Insurance Market in India 2015-2019

Online life insurance products and services Life insurance policy is a contract between the insurer and the insured, under which for the premiums received, the insurer agrees to pay a sum of money based on the policy conditions. The insurance market in India is highly established. Digitization of insurance was, however, a late development in the country. Insurance policies are broadly classified as traditional and ULIPs. The advances in the internet infrastructure and the rising cost of insurance policies are the major factors that paved way for online life insurance. With public entities such as LIC entering the online insurance market, the credibility of online policies have strengthened. As a result, there have been increase sales as well as renewal of insurance policies via the online medium.

Technavio's analysts forecast the online life insurance market in India to grow at a CAGR of 25.36% over the period 2014-2019.

Covered in this report

This report covers the present scenario and the growth prospects of the online life insurance market in India for the period 2015-2019. To calculate the market size, it considers the number of new life insurance policies sold through the online medium.

Technavio's report, Online Life Insurance Market in India 2015-2019, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects in the coming years. The report also includes a discussion of the key vendors operating in this market.

Key vendors

  • Bajaj Allianz General Insurance
  • Birla Sunlife Insurance
  • Life Insurance Corporation of India
  • New India Assurance
  • SBI Life Insurance
  • Tata AIG General Insurance
Other prominent vendors
  • AEGON Religare Life Insurance
  • Aviva Life Insurance
  • Bharti Axa Life Insurance
  • Exide Life Insurance
  • HDFC Standard Life Insurance
  • ICICI Prudential Life Insurance
  • IDBI Federal Life Insurance
  • Kotak Mahindra Old Mutual Life Insurance
  • Max Life Insurance
  • Reliance Life Insurance
  • Star Union Dai-ichi Life Insurance
Market driver
  • Rise in internet penetration
  • For a full, detailed list, view our report
Market challenge
  • Compliances with IRDA regulations and web aggregators
  • For a full, detailed list, view our report
Market trend
  • Increase in consumer awareness
  • For a full, detailed list, view our report
Key questions answered in this report
  • What will the market size be in 2019 and what will the growth rate be?
  • What are the key market trends?
  • What is driving this market?
  • What are the challenges to market growth?
  • Who are the key vendors in this market space?
  • What are the market opportunities and threats faced by the key vendors?
  • What are the strengths and weaknesses of the key vendors?


Press Release

Technavio Announces the Publication of its Research Report – Online Life Insurance Market in India 2015-2019
Technavio recognizes the following companies as the key players in Online Life Insurance Market in India 2015-2019: Bajaj Allianz General Insurance, Birla Sunlife Insurance, Life Insurance Corporation of India, New India Assurance, SBI Life Insurance and Tata AIG General Insurance
Other Prominent Vendors in the market are: AEGON Religare Life Insurance, Aviva Life Insurance, Bharti Axa Life Insurance, Exide Life Insurance, HDFC Standard Life Insurance, ICICI Prudential Life Insurance, IDBI Federal Life Insurance, Kotak Mahindra Old Mutual Life Insurance, Max Life Insurance, Reliance Life Insurance and Star Union Dai-ichi Life Insurance
Commenting on the report, an analyst from Technavio’s team said: “The rise in consumer awareness is one such trend. The IRDA has introduced various steps to spread awareness and educate the insured as well as the uninsured population. These developments are expected to positively impact the sales of insurance via online channels.”
According to the report, India, the rise in internet penetration is one of several factors that drives the growth of the market. The increased online presence of the population has encouraged insurance providers to offer policies via the online medium that are increasingly being accessed through desktops and mobile devices.
Further, the report states that compliance with IRDA regulations and web aggregators pose a challenge to the market.

Companies Mentioned

Bajaj Allianz General Insurance, Birla Sunlife Insurance, Life Insurance Corporation of India, New India Assurance, SBI Life Insurance, Tata AIG General Insurance, AEGON Religare Life Insurance, Aviva Life Insurance, Bharti Axa Life Insurance, Exide Life Insurance, HDFC Standard Life Insurance, ICICI Prudential Life Insurance , IDBI Federal Life Insurance , Kotak Mahindra Old Mutual Life Insurance , Max Life Insurance, Reliance Life Insurance, Star Union Dai-ichi Life Insurance

  • Executive Summary
  • List of Abbreviations
  • Scope of the Report
    • Market overview
    • Product offerings
  • Market Research Methodology
    • Market research process
    • Research methodology
      • Table Market research methodology
  • Introduction
  • India: Overview
    • Table GDP 2005-2013 ($ billion)
    • Table Life insurance penetration 2005-2012 (%)
    • Table Life insurance density 2005-2012 ($)
  • Market Landscape
    • Life insurance market in India
    • Digitization of Indian economy
      • Table 2014 internet penetration in India
  • Market Overview
    • Table Online insurance market in India
    • Market size and forecast
      • Table Online life insurance market in India 2014-2019 (unit policies)
    • Five forces analysis
  • Buying Criteria
  • Market Growth Drivers
    • Table Internet users in India 2007-2013 (million)
    • Table Increase in urban population in India 2006-2013 (million)
  • Drivers and their Impact
  • Market Challenges
  • Impact of Drivers and Challenges
  • Market Trends
  • Trends and their Impact
  • Vendor Landscape
    • Competitive scenario
      • Table Distribution channel strategies by customer segment
      • Table Distributor election matrix
      • Key news
    • Market share analysis 2014
    • Other prominent vendors
  • Key Vendor Analysis
    • Bajaj Allianz General Insurance
      • Key facts
      • Business overview
      • Key offerings
        • Table Bajaj Allianz General Insurance: key offerings
      • Business strategy
      • SWOT analysis
    • BSLI
      • Key facts
      • Business overview
      • Solutions
        • Table BSLI: Solutions
      • Geographical presence
        • Table BSLI: geographical presence
      • Recent developments
      • SWOT analysis
    • LIC
      • Key facts
      • Business overview
      • Product segmentation
        • Table LIC: product segmentation
      • Business segmentation by revenue 2014
        • Table LIC: business segmentation by revenue 2014
      • Business segmentation by revenue 2013 and 2014
        • Table LIC: business segmentation by revenue 2013 and 2014 ($ billion)
      • Geographical segmentation
        • Table LIC: geographical segmentation
      • Recent developments
      • SWOT analysis
    • New India Assurance
      • Key facts
      • Business overview
      • Key products
        • Table New India Assurance: key products
      • Business segmentation by revenue 2014
        • Table New India Assurance: business segmentation by revenue 2014
      • Business segmentation by revenue 2013 and 2014 ($ million)
        • Table New India Assurance: business segmentation by revenue 2013 and 2014 ($ million)
      • Geographical presence
        • Table New India Assurance: geographical presence
      • Business strategy
      • Recent developments
      • SWOT analysis
    • SBI Life Insurance
      • Key facts
      • Business overview
      • Business segmentation by total income 2014
        • Table SBI Life Insurance: business segmentation by total income 2014
        • Table SBI Life Insurance: business segmentation by total income 2013 and 2014 ($ million)
      • Business strategy
      • SWOT analysis
    • Tata AIG General Insurance
      • Key facts
      • Business overview
      • Key offerings
        • Table Tata AIG General Insurance: key offerings
      • Business strategy
      • SWOT analysis
  • Other Prominent Vendors
    • AEGON Religare Life Insurance
    • Aviva Life Insurance
    • Bharti Axa Life Insurance
    • Exide Life Insurance
    • HDFC Standard Life Insurance
    • ICICI Prudential Life Insurance
    • IDBI Federal Life Insurance
    • Kotak Mahindra Old Mutual Life Insurance
    • Max Life Insurance
    • Reliance Life Insurance
    • Star Union Dai-ichi Life Insurance
  • Other Reports in this Series

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