This is a very busy time for the Life Insurance Market in India, with a flurry of foreign players, over 360 million new advanced policies from the domestic ones and value-added services. Consumers are spoilt for choice as the 24 life insurance companies develop interesting products that can be customized.
The biggest push came once a 49% foreign direct investment was allowed where they would no longer require prior IRDA approval when entering this market. This was introduced some time ago and greatly benefitted both consumers and players. Today however the life insurance industry is looking to move ahead by finding new ways to deal with the Goods and Services Tax applications on insurance policies.
After the introduction of this tax, insurance and banking products became expensive, adding an 18% service tax on premium receipts. Providers have come up with new policy modification and offerings to work around this.
You can find more information about those policy modifications and offerings in this new research report publication from Research On Global Markets. The report even offers you a full overview, detailed segmentation of the market in 2019. For more on how to get the report, please check our company information given below.
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Intended uses of this report
This report is supposed to deliver information on this industry and compiles the data in an organized way for all concerned audiences. It also intended to serve the purpose of a business decision-making tool.
Critical factors covered in this analytical report
All data in this report is the result of data analysis and research on issues, trends, market movement during a span of ten years. Given here is a quick look at what’s inside.
• A list of companies profiled according to market share, market positioning, and available product offerings, etc.
• Details on all of the main deterrents of this market including financial literacy, number of insurers, awareness of service and products.
• Details on all of the growth drivers deterrents of this market including better regulations, claims management, increased income levels, new micro-insurance products, customizable products, etc.
• Segmentation of the market based on the activity of key players.
• An overview of market penetration.
• An in-depth assessment of the effects of the Goods and Services Tax and insurance policies that are exempt from it.
Kindly note that the report can even be purchased in different versions exclusively for more customized business research requirements, such as Regional Reports, Country Reports, Global Datasheet, and Company Profile.
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