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The India bancassurance market reached a value of US$ 85.3 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 132.1 Billion by 2027, exhibiting a CAGR of 7.41% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.
Bancassurance refers to the distribution of various insurance services and financial products via banking institutions. Some of the common bancassurance services include unit-linked insurance plans (ULIPs), endowment plans, and marine, health and property insurances. In this setup, insurance companies use banks as a medium to sell their products under distribution contracts that enable them to further their geographical presence and banks to expand their product portfolio. As a result, this agreement aids in sales generation, profit maximization, retention of existing and new customers, and customization of products and services.
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Note: Values and trends in the above chart consists of dummy data and are only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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The market in India is primarily driven by significant growth in the banking, financial, services and insurance (BFSI) sector. Along with this, numerous banks across the country are engaging in strategic partnerships to strengthen their market presence. Also, collaborations to expand the bancassurance market coverage in India, are acting as a major growth-inducing factor. Some of the other factors contributing to the market growth include the increasing presence of commercial banking networks and foreign insurance companies across the country and continual improvements in the digital strategies adopted by various key players.
IMARC Group provides an analysis of the key trends in each sub-segment of the India bancassurance market, along with forecasts at the country and regional level from 2022-2027. Our report has categorized the market based on product type and model type.
Breakup by Product Type:
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Note: Values and trends in the above chart consists of dummy data and are only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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Breakup by Model Type:
Breakup by Region:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2021 |
| Historical Period | 2016-2021 |
| Forecast Period | 2022-2027 |
| Units | US$ Billion |
| Segment Coverage | Product Type, Model Type, Region |
| Region Covered | North India, West and Central India, South India, East India |
| Customization Scope | 10% Free Customization |
| Report Price and Purchase Option | Single User License: US$ 2499 Five User License: US$ 2999 Corporate License: US$ 3499 |
| Post-Sale Analyst Support | 10-12 Weeks |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
The India bancassurance market was valued at US$ 85.3 Billion in 2021.
We expect the India bancassurance market to exhibit a CAGR of 7.41% during 2022-2027.
The rising demand for health and life insurance as well as retirement plans, particularly for geriatric
population, is primarily catalyzing the India bancassurance market.
The sudden outbreak of the COVID-19 pandemic has led to the growing requirement of health and life
bancassurance services, owing to the increasing health concerns among individuals, thereby augmenting
the demand for life bancassurance services.
Based on the product type, the India bancassurance market has been segmented into life bancassurance
and non-life bancassurance. Currently, life bancassurance holds the majority of the total market share.
Based on the model type, the India bancassurance market can be divided into pure distributor, exclusive partnership, financial holding, and joint venture. Among these, pure distributor currently exhibits a clear dominance in the market.
On a regional level, the market has been classified into North India, West and Central India, South India,
and East India, where North India currently dominates the market.
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