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Indians Saving to Boost Growth in Life Insurance Industry
Sep 08, 2008
RNCOS, a leading market research firm, has forecasted in its new report, “Booming Insurance Market in India (2008-2011)” that the total life insurance premium in India will grow to Rs. 1,230,000 Crore by 2010-11.
As per the report, life insurance sector in India will largely be driven by the savings component of the life insurance products - means the life insurance products which have higher component of savings compared to insurance counterparts. Of this, unit-linked insurance products, that accounted for over half (52.8%) of total life insurance sales in India, will account for the majority of sales during the forecast period also as these products offer tri benefits of life risk cover, investments, and tax saving facility in a single product. These products are currently more common in urban population as rural population lacks in terms awareness of these products. But rapid urbanization, rising education level and growing employment level will help life insurers to exploit the untapped rural population also in coming years.
Also, the increasing usage of comparatively more organized life insurance distribution channels like banks and other financial institutions will add to the sales of unit-linked insurance products as these financial institutions have their own established customer base, says the RNCOS report.
“Booming Insurance Market in India (2008-2011)” provides an exhaustive research and rational analysis on the Indian insurance market. This comprehensive study will help the clients to assess current market trends and identify the market dynamics and opportunities critical to the success of the insurance market in the country. This study provides an overview on the factors driving the insurance industry, coupled with the forces which are blocking the growth.
The RNCOS research, based on extensive research, gives forecast on vital industry parameters, like cars & commercial vehicle registrations, outbound tourists, medical equipment market, lending by financial institutions, IT spending, non-life insurance market, and health insurance premium.
For more information visit: http://www.rncos.com/Report/IM126.htm
Related Releases are as follows:
- Advent of Global Reinsurance Companies in the Indian Market is Rekindling the Indian Health Insurance Industry
- Rising Awareness and Increasing Internet Penetration in the Country is Propelling the Health Insurance Industry
- Flexible Insurance Products by Players Gaining Attention
- Technological Adoption Propelling Insurance Industry
- Reinsurance Companies Investing in the Indian Health Insurance Industry
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