Market Overview:
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: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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.
Key Market Segmentation:
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: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
- Life Bancassurance
- Non-Life Bancassurance
Breakup by Model Type:
- Pure Distributor
- Exclusive Partnership
- Financial Holding
- Joint Venture
Breakup by Region:
- North India
- West and Central India
- South India
- East India
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
Report Coverage:
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) |