Moneylife - Linkedin Moneylife - Facebook Moneylife - Twitter Moneylife - Youtube Moneylife Rss feed
close

Moneylife » Investing » Personal Finance » India to be 3rd largest market life insurance market by 2015: BRICdata

India to be 3rd largest market life insurance market by 2015: BRICdata

    • 0 Comments, Be the first to comment
  • + COMMENT

Moneylife Digital Team | 21/11/2011 03:59 PM | 

The report states that the market size of Indian life insurance industry is expected to touch $111.9 billion in 2015 from $66.5 billion in 2011

According to a research report by BRICdata, India is expected to emerge as the third-largest market for life insurance in the world by 2015, only after China and Japan. At present, India stands 12th among the top markets for life insurance.

The report states that the market size of Indian life insurance industry is expected to touch $111.9 billion in 2015 from $66.5 billion in 2011, registering a CAGR (compounded annual growth rate) of 14.1%. Also, the number of policies sold is expected to increase to 85.21 million in 2015 from 53.23 million in 2010.

The report cities, Insurance Regulatory and Development Authority’s proposal to increase the limit on foreign direct investment from 26% to 49% and improved efficiency of distribution channels in smaller cities as some of the major reasons that would enhance the growth of the industry.  

The individual life insurance segment, which comprised 74.8% of the total Indian life insurance industry in 2010, is expected to grow to 79.3% in 2015 on increased investment in individual life insurance products such as term and pension plans.

The unit-linked insurance plans (ULIPs) are expected to be fastest growing product category at CAGR of 21.2% during 2015. The report states that unit-linked pension and annuity products will offer a minimum guaranteed return of 4.5% per annum on maturity.


Post Comment

More in Moneylife

Rot at the Top +12096 views

TODAY'S TOP STORIES

Post your Comment


Alert me when new comment is posted on this article
 Please read our Moderation Policy and Terms of Use before posting


VIDEOS

Can You depend on mainstream media to report economic scams?

LATEST COMMENT

hi friends as already stated before the Pailan Group had returned Rs 25 lack before the Hon'ble Shyamal Sen Commi.. arindam das

MORE

Survey: Living on Rs35 Moneylife Digital Team

Uniform policy for education loans in Kerala Moneylife Digital Team

Be the first to comment
Daily Newsletter

1,00,000 Readers

Follow Moneylife
DNL facebook icon DNL linked in icon DNL twitter icon DNL youtube icon DNL rss icon
Moneylife Magazine

What's your say?

Can you depend on mainstream media to report economic scams?
Yes
No
Can't Say
 
Enter Code : secure code
    change code
VOTE

What you said

Do rising prices of vegetable affect your monthly budget?

Thanks for casting your votes! View Previous Polls

Join Over 100,000 Awesome Readers

  1. News that Mainstream media does not always cover
  2. Views that are bold and unbiased
  3. Reports that focus on your interests as consumer, investor & citizen