Online Insurance in India Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The Report Covers Market Share of Insurance Companies in India and it is Segmented by 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 Million) for all the above segments.

India Online Insurance Market Size

India Online Insurance Market Summary
share button
Study Period 2019 - 2028
Base Year For Estimation 2022
Market Size (2023) USD 92.60 Billion
Market Size (2028) USD 120.05 Billion
CAGR (2023 - 2028) 5.33 %
Market Concentration Medium

Major Players

India Online Insurance Market Major Players

*Disclaimer: Major Players sorted in no particular order


Need a report that reflects how COVID-19 has impacted this market and its growth?

India Online Insurance Market Analysis

The Online Insurance Market in India by gross written premiums value is expected to grow from USD 92.60 billion in 2023 to USD 120.05 billion by 2028, at a CAGR of 5.33% during the forecast period (2023-2028).

As internet penetration continues to grow in India, more and more people are becoming increasingly comfortable with making transactions online, and a surge is evident in the e-commerce space in the country. The number of people who are buying insurance online is rising rapidly, day by day. Giving a push to the growth of online insurance is a host of benefits that insurance policies bought online offer. The increasing internet and mobile usage have a major influence on changing customer preferences, as customers are getting used to researching products online. While the traditional model of buying insurance is still the most sought in India, it was found that online research on life insurance has been observing an increasing trend.

Though the traditional channels, like agency and third-party distribution, have a market share of more than 70%, the online distribution channel is evolving as the preferred mode of purchasing insurance. Additionally, studies show that a typical online customer is well aware of his/her needs and has been making informed decisions.

The pandemic has pushed businesses across sectors to change the way they operate, and the insurance industry is no exception. From selling new policies to settling claims, the extended lockdown in the wake of COVID-19 pushed insurance companies to depend heavily on their digital architecture. The pandemic brought a lot of awareness among the people, and this is evident from the fact that the sale of health insurance is witnessing a significant jump post-COVID-19.

India Online Insurance Market Trends

This section covers the major market trends shaping the India Online Insurance Market according to our research experts:

Increasing Internet Userbase in India is Driving the Market

India had more than 830 million internet users last year, and the figure is projected to cross 1134 million in 2025. India is the second-largest online market worldwide. The majority of internet users in India are mobile phone internet users who take advantage of cheap alternatives rather than opting for expensive landline connections that require desktop PCs and infrastructure. The number of internet users in India registered an annual growth of 18%. Increased availability of bandwidth, cheap data plans, and increased awareness driven by government programs seem to have rapidly bridged the digital gap between urban and rural India. About 333 million of India's 830 million active internet users are in rural parts of the country, where internet penetration stands at 37%. With a penetration rate of 47% of the total population of the country, India is one of the leading countries with the highest number of Internet users.

India Online Insurance Market - Number of Internet Users in India, In Million, 2015-2021

High Focus on Digitalization in India to Drive Online Insurance Sales

Over the past few years, several initiatives have been taken by the Indian government for the digital transformation of the country. Digitalization has had its impact on several industries in the country, insurance being one of them.

Insurance organizations have strengthened their digital platforms, replacing legacy systems and introducing virtual assistants. LIC introduced LIC Mitra, a virtual assistant. New India Assurance launched BIMA Bot. United India Insurance came out with UNI Help. National Insurance brought out NYRA. Chatbots are digitally generated to answer FAQs, making it easier for policyholders to get information faster. Insurers are taking advantage of chatbots to increase their resources with the help of digital technology. Al chatbots are a good example of cutting down the time frame. It also offers the scope to get customers to navigate various insurance products and services. The insurance technology trends in 2021 included predictive analytics and the overlapping of various technologies, all in the name of improving accuracy. Machine Learning is one branch of AI. It can automate and improve the claims process. Digital files are accessible via Cloud and can be analyzed using pre-programmed algorithms, improving processing speed and accuracy.

Around 65% of Indian respondents are likely to use digital channels such as e-wallets, bank or insurance websites, and e-commerce platforms to purchase insurance in the future, indicating there is potential for primary insurers to move their offerings online and engage new digital consumers. This changing behavior of consumers in India toward online transactions is expected to have a significant impact on the sales of online insurance policies.

India Online Insurance Market - Number of Digital Buyers in India, In Million, 2014-2021

India Online Insurance Industry Overview

The report covers major players operating in the online insurance market in India. As of now, there are 33 general insurance companies and 24 life insurance companies operating in India. Online insurance is gaining traction among consumers due to internet penetration and mobile phone usage. Hence, companies are increasing their focus on providing their insurance policies online, either directly to consumers or through web aggregators. It has major players 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

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

*Disclaimer: Major Players sorted in no particular order

India Online Insurance Market Concentration

India Online Insurance Market News

  • In February 2023, State-owned general insurer New India Assurance entered the surety insurance bonds business, becoming the second such domestic insurance company.
  • In Oct 2022, Exide Life Insurance Co. merged with HDFC Life Insurance Co. HDFC Life Insurance has 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. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study




    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints/Challenges

    4. 4.4 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

    5. 4.5 Regulatory Environment in the Indian Insurance Industry

    6. 4.6 Impact of COVID-19 on the Market


    1. 5.1 Type

      1. 5.1.1 Life Insurance

      2. 5.1.2 Motor Insurance

      3. 5.1.3 Health Insurance

      4. 5.1.4 Other Insurances


    1. 6.1 Market Competition Overview

    2. 6.2 Company Profiles

      1. 6.2.1 The New India Assurance Co. Ltd

      2. 6.2.2 The Oriental Insurance Company Limited

      3. 6.2.3 United India Insurance Company Limited

      4. 6.2.4 ICICI Lombard General Insurance Company Limited

      5. 6.2.5 Bajaj Allianz General Insurance Company Limited

      6. 6.2.6 ICICI Prudential Life Insurance Co. Ltd

      7. 6.2.7 SBI Life Insurance Co. Ltd

      8. 6.2.8 HDFC Life Insurance Co. Ltd

      9. 6.2.9 Aditya Birla Sun Life Insurance Company Limited

      10. 6.2.10 Life Insurance Corporation of India*

    3. *List Not Exhaustive


India Online Insurance Industry Segmentation

A complete background analysis of the Online Insurance Market in India is covered in the report, including an assessment of the parental market, emerging trends by segments and regional markets, significant changes in market dynamics, and a market overview. The Online Insurance Market in India is Segmented by 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 Million) for all the above segments.

Life Insurance
Motor Insurance
Health Insurance
Other Insurances

Report scope can be customized per your requirements. Click here.

You can also purchase parts of this report. Do you want to check out a section wise price list?

India Online Insurance Market Research FAQs

The India Online Insurance Market size is expected to reach USD 92.60 billion in 2023 and grow at a CAGR of 5.33% to reach USD 120.05 billion by 2028.

In 2023, the India Online Insurance Market size is expected to reach USD 92.60 billion.

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 India Online Insurance Market.

Online Insurance in India Industry Report

Statistics for the 2023 Online Insurance in India market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Online Insurance in India analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

80% of our clients seek made-to-order reports. How do you want us to tailor yours?

Please enter a valid email id!

Please enter a valid message!