Online Insurance in India Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

India Online Insurance Market Report is Segmented by Type (Life Insurance, Motor Insurance, Health Insurance, and Other Insurance). The Report Offers Market Size and Forecasts for the Online Insurance Market in India in Value (USD) for all the Above Segments.

Online Insurance in India Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

India Online Insurance Market Size

India Online Insurance Market Summary
Study Period 2020 - 2030
Base Year For Estimation 2024
Forecast Data Period 2025 - 2030
Market Size (2025) USD 2.09 Billion
Market Size (2030) USD 3.71 Billion
CAGR (2025 - 2030) 12.20 %
Market Concentration Medium

Major Players

India Online Insurance Market Major Players

*Disclaimer: Major Players sorted in no particular order

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India Online Insurance Market Analysis

The Online Insurance Market In India Market size in terms of premium value is expected to grow from USD 2.09 billion in 2025 to USD 3.71 billion by 2030, at a CAGR of 12.2% during the forecast period (2025-2030).

India's insurance landscape is undergoing a dramatic digital transformation, driven by increasing internet penetration and changing consumer preferences. The sector has witnessed significant growth, with insurance premium penetration reaching 4% of GDP in 2023, indicating growing awareness and adoption of online insurance products. Insurance companies are rapidly embracing digital tools and technologies to enhance their service delivery and customer experience. The emergence of insurtech platforms has revolutionized traditional insurance distribution channels, offering seamless digital experiences from policy purchase to claims settlement.


The life insurance sector has demonstrated remarkable resilience and growth, recording a 12.5% surge in 2022, particularly driven by increasing demand in rural areas. Insurance providers are introducing innovative products like ULIPs, Endowment, and Retirement Plans tailored to evolving customer needs. The industry has witnessed a significant shift towards integrated platforms that offer comprehensive insurance solutions across multiple categories. Web aggregators and digital insurance marketplaces are playing a pivotal role in simplifying online insurance policy purchase decisions through technology-enabled solutions and mobile applications.


The non-life insurance segment has shown robust performance, with insurers recording a 16.4% surge in gross direct premiums during 2022-23. Digital channels have become increasingly important for policy distribution, with insurance companies investing heavily in their digital infrastructure to provide end-to-end online insurance services. The industry has witnessed the introduction of innovative products like 'Pay as You Drive' and 'Pay How You Drive' policies, reflecting the sector's responsiveness to changing consumer needs. Insurance providers are leveraging artificial intelligence and machine learning to enhance risk assessment and streamline claims processing.


The travel insurance segment has demonstrated significant growth potential, with approximately 78.71 lakh lives covered under overseas travel insurance policies in 2022-23. Insurance Web Aggregators are playing a crucial role in market expansion, with 25 certified aggregators operating through online and distance marketing channels as of March 2023. The industry is witnessing increased collaboration between insurers and fintech companies to develop innovative distribution models and enhance customer experience. Regulatory bodies are actively supporting insurance digitalization through initiatives like the Insurance Web Aggregator portal, while maintaining robust oversight to ensure consumer protection.

Segment Analysis: By Type

Life Insurance Segment in Online Insurance Market in India

Life insurance dominates the online life insurance market in India, commanding approximately 71% market share in 2024, reflecting its crucial position in the digital insurance landscape. The segment's prominence is driven by increasing digital adoption and the introduction of modern products like ULIPs, endowment, and retirement plans tailored to evolving customer needs. The government's initiatives and digitalization efforts have significantly contributed to public awareness about insurance's role in financial security. The IRDAI's 'Sabse Pehle Life Insurance' initiative continues to educate and motivate the public towards online life insurance through various media channels and industry collaborations. The segment's growth is further supported by the expansion of digital platforms and web aggregators, which have made life insurance products more accessible to the Indian population.

Market Analysis of Online Insurance Market In India: Chart for By Type

Motor Insurance Segment in Online Insurance Market in India

The motor insurance segment is emerging as the fastest-growing category in India's online auto insurance market, projected to grow at approximately 15% during 2024-2029. This remarkable growth is primarily driven by the robust expansion of India's automobile industry and increasing digital adoption in insurance purchases. The surge in insurtech companies is fundamentally reshaping the online auto insurance landscape, introducing innovative service delivery methods and enhanced risk assessment capabilities. Insurance providers are rapidly embracing digital tools to offer seamless customer experiences, while partnerships with automotive manufacturers and financial institutions are making insurance more accessible within the ecosystem. The introduction of technology-centric concepts like 'Pay as You Drive,' 'Pay How You Drive,' and 'Floater Policy' as add-ons to basic motor policies is further accelerating this segment's growth.

Remaining Segments in Online Insurance Market in India

The online health insurance and other insurance segments complete the online insurance market landscape in India. The online health insurance segment has gained significant traction with the introduction of specialized products and digital-first solutions, particularly focusing on family health coverage and senior citizen plans. The other insurance segment, encompassing products like online travel insurance, online property insurance, and marine insurance, continues to expand through digital channels, offering increasingly sophisticated and customized solutions. Both segments benefit from the growing penetration of digital platforms and the increasing preference for online insurance purchases among Indian consumers, supported by improved digital infrastructure and user-friendly interfaces.

India Online Insurance Industry Overview

Top Companies in Online Insurance Market in India

The online insurance landscape in India is witnessing significant transformation through product innovation and technological advancement. Companies are increasingly leveraging artificial intelligence, machine learning, and data analytics to enhance underwriting processes, streamline management of online insurance claims, and deliver personalized customer experiences. Strategic partnerships between traditional insurers and insurtech firms have become commonplace, fostering innovation while expanding market reach. Digital platforms are revolutionizing distribution channels, with companies investing heavily in mobile applications and user-friendly interfaces to capture the growing tech-savvy consumer base. The industry is seeing a surge in micro-insurance products and specialized coverage options, particularly targeting underserved segments and rural markets. Operational agility has become paramount, with firms adopting cloud technologies and automated solutions to enhance efficiency and reduce turnaround times.

Dynamic Market Structure Drives Competitive Evolution

The online insurance market in India exhibits a moderately fragmented structure, characterized by a mix of established traditional insurers transitioning to digital platforms and emerging insurtech startups. Traditional insurance giants leverage their extensive experience and robust financial backing to maintain market presence, while innovative insurtech firms disrupt the space with technology-driven solutions and customer-centric approaches. The market witnesses active participation from both domestic players with deep local market understanding and global insurance conglomerates bringing international expertise and best practices.


The industry is experiencing considerable consolidation through strategic acquisitions and partnerships, particularly between established insurers and technology-focused startups. These collaborations aim to bridge the gap between traditional insurance expertise and digital innovation capabilities. Market dynamics are further shaped by the entry of non-traditional players, including e-commerce platforms and fintech companies, who are integrating insurance offerings into their existing digital ecosystems. The competitive landscape is continuously evolving with firms focusing on building comprehensive digital insurance platforms that can serve as one-stop solutions for various insurance needs.

Innovation and Customer Experience Drive Success

Success in the online insurance market increasingly depends on firms' ability to leverage technology for enhanced customer experiences while maintaining operational efficiency. Incumbents must focus on digital transformation initiatives, investing in advanced analytics capabilities and automated processes to streamline operations and improve risk assessment accuracy. Companies need to develop robust digital infrastructure supporting seamless multi-channel experiences while ensuring data security and regulatory compliance. Building strong brand recognition through targeted digital marketing strategies and maintaining transparency in pricing and policy terms has become crucial for market success.


For contenders aiming to gain market share, differentiation through specialized product offerings and innovative service delivery models is essential. This includes developing niche insurance products targeting specific customer segments and leveraging partnerships with online insurance aggregator platforms to expand distribution reach. Success factors also include the ability to maintain cost-effective operations while investing in customer education and engagement initiatives. Companies must navigate the evolving regulatory landscape, particularly regarding digital transactions and data protection, while building scalable technology infrastructure that can adapt to changing market demands and customer preferences. Additionally, the role of online insurance broker platforms is becoming increasingly significant in reaching diverse customer bases and facilitating easier access to various insurance products.

India Online Insurance Market Leaders

  1. United India Insurance Company Limited

  2. Life Insurance Corporation of India

  3. Max Life Insurance Company

  4. Bajaj Allianz General Insurance Co

  5. The New India Assurance Co. Ltd

  6. *Disclaimer: Major Players sorted in no particular order
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India Online Insurance Market News

  • In August 2023, Axis Bank announced its intention to acquire the 7% stake in Max Life Insurance. Currently, Axis Bank, Axis Securities, and Axis Capital collectively hold a significant 12.02 % stake in Max Life. With the acquisition of the additional 7% stake, the total holdings of Axis Entities in Max Life will increase to slightly over 19.02%.
  • In October 2022, Exide Life Insurance Co. merged with HDFC Life Insurance Co., wherein it concluded the merger of Exide Life, marking the completion of the first-ever merger and acquisition (M&A) transaction in the Indian life insurance sector.

India Online Insurance Market Report - Table of Contents

1. INTRODUCTION

  • 1.1 Study Assumptions and Market Definition
  • 1.2 Scope of the Study

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

4. MARKET INSIGHTS AND DYNAMICS

  • 4.1 Market Overview
  • 4.2 Market Drivers
    • 4.2.1 Increase in Internet Penetration and Smartphone Usage
    • 4.2.2 Rise in Convenience and Accessibility of Purchasing Insurance
  • 4.3 Market Restraints
    • 4.3.1 Lack of Personalized Advice and Support
    • 4.3.2 Complex and Costly for Online Insurance
  • 4.4 Market Opportunities
    • 4.4.1 Demand for Customized Insurance Products
  • 4.5 Industry Attractiveness - Porter's Five Forces Analysis
    • 4.5.1 Threat of New Entrants
    • 4.5.2 Bargaining Power of Buyers/Consumers
    • 4.5.3 Bargaining Power of Suppliers
    • 4.5.4 Threat of Substitute Products and Services
    • 4.5.5 Intensity of Competitive Rivalry
  • 4.6 Insights on the Regulatory Landscape for the Online Insurance Market in India
  • 4.7 Impact of COVID-19 on the Market

5. MARKET SEGMENTATION

  • 5.1 Type
    • 5.1.1 Life Insurance
    • 5.1.2 Motor Insurance
    • 5.1.3 Health Insurance
    • 5.1.4 Other Insurances

6. COMPETITIVE LANDSCAPE

  • 6.1 Market Competition Overview
  • 6.2 Company Profiles
    • 6.2.1 Acko Insurance
    • 6.2.2 Coverfox Insurance Broking Company
    • 6.2.3 Go Digit General Insurance Limited
    • 6.2.4 Insurance Dekho (Girnar Insurance Brokers Pvt. Ltd.)
    • 6.2.5 Kenko Health
    • 6.2.6 Plum Benefits Insurance Brokers Pvt. Ltd.
    • 6.2.7 Policy Bazaar
    • 6.2.8 RenewBuy (D2C Consulting Services Private Limited)
    • 6.2.9 SecureNow Insurance Broker Pvt. Ltd.
    • 6.2.10 Turtlemint Insurance Broking Services Pvt. Ltd.*
  • *List Not Exhaustive

7. MARKET FUTURE TRENDS

8. DISCLAIMER AND ABOUT US

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India Online Insurance Industry Segmentation

Online insurance, also known as digital insurance or e-insurance, refers to buying insurance policies through online channels, typically via the internet or mobile apps. The Indian online insurance market, by type, includes life insurance, motor insurance, health insurance, and other insurance. The report offers market size and forecasts for the Online Insurance Market in India in value (USD) for all the above segments.

Type Life Insurance
Motor Insurance
Health Insurance
Other Insurances
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India Online Insurance Market Research FAQs

How big is the Online Insurance Market In India Market?

The Online Insurance Market In India Market size is expected to reach USD 2.09 billion in 2025 and grow at a CAGR of 12.20% to reach USD 3.71 billion by 2030.

What is the current Online Insurance Market In India Market size?

In 2025, the Online Insurance Market In India Market size is expected to reach USD 2.09 billion.

Who are the key players in Online Insurance Market In India Market?

United India Insurance Company Limited, Life Insurance Corporation of India, Max Life Insurance Company, Bajaj Allianz General Insurance Co and The New India Assurance Co. Ltd are the major companies operating in the Online Insurance Market In India Market.

What years does this Online Insurance Market In India Market cover, and what was the market size in 2024?

In 2024, the Online Insurance Market In India Market size was estimated at USD 1.84 billion. The report covers the Online Insurance Market In India Market historical market size for years: 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Online Insurance Market In India Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.

Online Insurance Market In India Research

Mordor Intelligence provides a comprehensive analysis of the rapidly evolving insurtech landscape. We specialize in digital insurance and einsurance trends across India. Our extensive research covers the complete spectrum of online insurance segments. This includes online auto insurance, online life insurance, online health insurance, and online travel insurance sectors. The report examines the transformation through insurance digitalization and emerging digital insurance solutions. It provides detailed insights into online insurance broker networks and digital insurance platform implementations.

Stakeholders benefit from our detailed analysis of online insurance policy frameworks and online property insurance developments. We pay particular attention to online insurance claims processing systems and online insurance premium structures. The report, available as an easy-to-download PDF, explores the evolution of virtual insurance services and internet insurance accessibility. Our research thoroughly examines online insurance aggregator systems and the distribution of digital insurance. It offers actionable insights for businesses navigating the digital transformation of insurance services. The comprehensive analysis includes an evaluation of emerging digital insurance solutions and technological advancements shaping the future of insurance delivery in India.