Market Potential

Market Potential

  • It is one of the least Insured Market in the world
  • Out of total insurable population only 40% are covered till today
  • These 40% also are also not adequately covered
  • These 40% also are also not adequately covered
  • We will help build your career as a professional agent and make sure that you will be among these top 20% agents

Low Insurance Penetration

  • Insurance penetration is measured by Premium as a percentage of GDP
  • We will come to know about the potential when we compare the difference in penetration level in India with other countries of the world

Increase in Working Population

  • India has about 40% of young population at present i.e. age group 20 to 49 years. This is expected to grow to 65% by the year 2020
  • Research by Morgan Stanley shows that India’s working-age population will increase by 136 million by 2020. (China’s working-age population, by comparison, will grow by 23 million)

High per capita Savings

  • Indian People are good savers. Indian Gross household saving in financial sector is 8% of GDP for the year 2011-12
  • We will come to know about the potential when we compare the difference in penetration level in India with other countries of the world.The share of life Insurance premium was 19.9% of gross house hold savings. (Source: RBI Annual Report 2012-13)
  • Report on the savings pattern states that: 83% save for emergencies, 81% for Children’s education, 69% for old age, 63% to meet future expenses towards marriages, birth and social ceremonies

Growth in Personal Income

  • As per report of National Council of Applied Economic Research (NCAER) 2009-10
  • There are 28.4 million families with incomes between Rs 2 lakh and Rs 10 lakh per annum. (This is as per the World Bank definition of middle class)
  • There are 28.4 million families with incomes between Rs 2 lakh and Rs 10 lakh per annum. (This is as per the World Bank definition of middle class)
  • These households are expected to grow 4 times in next 10 years
  • The report said that two thirds of the Indian middle class is to be found in urban India

Report on the savings pattern

  • 83% save for emergencies
  • 81% for Children’s education
  • 69% for old age.
  • 63% to meet future expenses towards marriages, birth and social ceremonies The above pattern indicates tremendous scope for life Insurance products.

Report CII & Ernst & Young in Sept. 2010

  • The projected per capita GDP of India is expected to increase from ₹18,280 in FY 2001 to 1,00,680 in FY 2026, which is indicative of rising disposable incomes
  • A recent study by McKinsey also predicts that India’s economy will grow fivefold in the next 20 years
  • A recent study by McKinsey also predicts that India’s economy will grow fivefold in the next 20 years
Life Insurance Penetration for the year 2013-14
Country Penetration (%)
Taiwan 14.50
South Africa 12.70
Hong Kong 11.70
Japan 8.80
United Kingdom 8.80
Finland 8.70
South Korea 7.50
Denmark 6.90
Switzerland 5.30
Singapore 4.40
India 3.10

Low Insurance Density

  • Insurance Density is the ratio of premium to total Population.
  • We will come to know about the potential when we compare the difference in Insurance Density in India with that of other countries of the world
Life Insurance Density for the calendar year 2013-14 in USD
Country Penetration (%)
Hong Kong 4445
Switzerland 12.70
Hong Kong 4211
United Kingdom 3474
Japan 3346
Sweden 3215
Taiwan 3204
Singapore 2388
South Korea 1816
USA 1684
China 110
India 41
World Average 366

Low Volume of Life Insurance Premium

World Market Share for the year 2013-14 of Life Insurance Premium in USD
Rank Country Market Share
1. USA 427.13%
2. Japan 11.45%
3. UK 7.10%
4. China 5.99%
5. France 5.49%
6. Germany 5.33%
7. Italy 3.13%
8. Taiwan 1.96%
9. India 1.41%
10. South Korea 3.13%
  • address infos

    Salt lake brunch, CP – 335, Sector-1, Salt LAke City, Kolkata – 700064

  • working hours

    Monday to Friday 09:00 to 18:30 and Saturday we work until 15:30

  • Phone Number

    98308 74431