Life Report

Product Insurance Market Reports Life Rev India

Key Highlights

Get access to Axco’s online product with the latest market intelligence for the market of your choice


  • Key insights and explanations of market developments in life insurance, healthcare and pensions
  • Details India's insurance, social security, pensions and healthcare regulatory framework and company and personal tax considerations
  • Current legislation and upcoming changes
  • The latest developments in India's economic and political environment
  • Demographic information
  • Market statistics and company performance

Report Overview

Independent strategic insight, line of business detail, regulatory information & market data for the non-life (P&C) insurance market of India

The India life and benefits market report provides a comprehensive, impartial analysis of the life insurance market of India.  Information extends to extensive detail on healthcare (public and private), pensions and benefits, and social security. Specialist researchers visit India and interview local professionals working across the local market. The report is updated with new information and data regularly throughout the cycle of country visits.

The report provides information about India’s demographic profile and assesses its economic, political, climate, operational, and security risks. Key data on the investment environment in India is available.

Axco’s report describes the regulatory framework that applies to the Indian domestic life insurance sector, including whether non-admitted insurance is permitted in India; as well as the legislation necessary to know regarding India’s healthcare, pensions and social security.

Statistics include five years of life insurance market performance indicators, including gross written premiums, premium growth and penetration rates. Company statistics show who are the leading life insurance companies in India with local life insurance company premiums, market share and year on year growth.

Life Insurance

Axco provides details on the life insurance sector including India market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.


The report describes the public and private healthcare system in India, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.


Axco reports on the three pillars of Indian pension provision.

  • State pension benefits including benefit calculations and eligibility criteria 
  • Workplace pension provision; types of schemes calculations eligibility and; tax implications
  • Voluntary individual pension provision, type of products and tax implications

Social Security

The India report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

  • state pensions,
  • permanent disability benefit
  • occupational accident and disease
  • maternity and paternity payments 

India Life and Benefits Report Extract

Below are brief extracts of information from the India Life & Benefits Report; more updated information may be available in the latest published report.

Life Insurance

India life insurance market remains in an early stage of development with generally low levels of awareness and understanding, limited product lines and low penetration.

Two decades ago, there was a single state-owned life insurance company, the Life Insurance Corporation of India (LIC). LIC had a monopoly in India since establishment in 1956 and those with long industry service ....


Pensions are at an early stage of development in India and overall penetration levels are low but it is one reporting rapid growth albeit from a low base and there is huge long-term potential. Some life insurers are beginning to focus more attention on the opportunity, with one noting pension assets in India amount to less than 5% of GDP, against 130% in Australia.


Comprehensive health provision of a good standard for all remains an important goal in India's development. It is a huge and complex challenge, however, in such a large country housing the world's second largest population. Added to which 2020 has seen the global challenge of the COVID-19 pandemic, with India initiating a national lockdown on 22 March 2020, which was commended by the WHO for being "timely, comprehensive and robust". It has proved a critical health issue, however, with insurers providing ....

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