印度小額保險市場評估，依類型、年齡層、產品類型、提供者、通路、模式、最終用戶、地區、機會和預測，2018-2032年

印度小額保險市場預計將從2024年的54.1億美元成長到2032年的87.7億美元，預測期內的年複合成長率為 6.23%。

得益於政府舉措、意識不斷增強、技術升級以及發達的小額信貸機構（MFI）和非政府組織（NGO）網路等諸多因素，印度的小額保險業蓬勃發展。政府的Pradhan Mantri Jan Dhan Yojana 和 Pradhan Mantri Suraksha Bima Yojana 等措施有助於促進金融包容性並確保窮人能夠獲得最基本的保險產品。這些措施提供了基本的保障，並提高了窮人對經濟保障必要性的認識。非政府組織為支持教育而實施的小額信貸措施和提高意識計畫在背景框架中解釋了小額保險的價值主張。隨著智慧型手機和數位平台的普及，小額保險的分銷範圍比其他傳統小額信貸產品覆蓋了更多偏遠地區。在這方面，人工智慧和資料分析的進步被視為朝著更準確的風險評估和更好的詐欺檢測邁出的一步，可以根據特定需求量身定制保險範圍。

小額信貸機構（MFI）和非政府組織（NGO）的數量不斷成長對於向人們提供小額保險非常重要，特別是在傳統保險並不常見的農村地區。這些組織提供量身訂製的保險產品，解決農村社區面臨的特定風險，包括與農場相關的風險、健康問題和人壽保險需求。這將使更多人能夠獲得適合自己情況的保險。公私合作夥伴關係也匯集了資源和專業知識，以確保有效率地提供服務。

例如，印度政府勞工和就業部發起的 "Rashtriya Swasthya Bima Yojana" （RSBY）計劃目的是為生活在貧困線以下（BPL）的家庭提供負擔得起的醫療保險。根據該計劃，受益人將獲得高達 346.50 美元（30,000 印度盧比）的醫療保險，用於支付大多數需要住院的疾病的住院費用。這適用於五名家庭成員（戶主、配偶和最多三名受扶養人）。 RSBY 的獨特之處在於它利用技術向受益人發放生物識別智慧卡，使其能夠更輕鬆、更快速地獲得服務。

目錄

第1章 專案範圍與定義

第2章 研究方法

第3章 執行摘要

第4章 顧客回饋

• 產品與市場訊息
• 品牌認知模式
• 做出購買決定時考慮的因素
  • 覆蓋範圍和福利
  • 保險費
  • 索賠程序
  • 再生性
  • 利用技術
  • 透明度
• 客戶支持
• 隱私和監管考慮

第5章 年印度小額保險市場展望，2018-2032

• 市場規模分析及預測
  • 依金額
• 市場佔有率分析及預測
  • 依類型
    • 終身保固
    • 定期保險
  • 年齡組
    • 未成年人
    • 成人
    • 老人
  • 依產品類型
    • 財產保險
    • 健康保險
    • 人壽保險
    • 指數保險
    • 意外死亡保險
  • 依提供者
    • 小額保險（商業上可行）
    • 援助/政府支持的小額保險
  • 依通路
    • 直接銷售
    • 金融機構
    • 數位管道
    • 其他
  • 依模式
    • 合作夥伴代理模式
    • 全方位服務模式
    • 提供者主導模式
    • 以社區為基礎
  • 依最終用戶
    • 個人
    • 公司
  • 依地區
    • 北
    • 南
    • 東部
    • 西部和中部
  • 依公司劃分的市場佔有率分析（前5名及其他 - 依價值，FY24）
• 2024年市場地圖分析
  • 依類型
  • 依年齡層
  • 依產品類型
  • 依提供者
  • 依通路
  • 依模式
  • 依最終用戶
  • 依地區

第6章 需求與供給分析

第7章 價值鏈分析

第8章 波特五力分析

第9章 PESTLE 分析

第10章 保險費成本分析

第11章 市場動態

• 市場驅動因素
• 市場挑戰

第12章 市場趨勢與發展

第13章 案例研究

第14章 競爭格局

• 五大市場領導者的競爭矩陣
• 五大公司的SWOT 分析
• 十大主要公司的市場狀況
  • Bharti AXA Life Insurance Company Limited
  • 公司簡介
  • 主要管理團隊
  • 產品與服務
  • 財務表現（如報告）
  • 主要市場重點與地理分佈
  • 近期發展/合作/夥伴關係/合併與收購
  • SBI Life Insurance Company Limited
  • SEWA（Self-Employed Women's Association）
  • LIC（Life Insurance Corporation of India）
  • ICICI Prudential Life Insurance Company
  • Bajaj Allianz General Insurance Company Limited
  • Uplift Mutuals
  • Yes Bank Limited
  • Mann Deshi Foundation
  • HDFC ERGO General Insurance

上述公司並非根據市場佔有率排序，並且可能會根據研究工作期間可用的資訊而變更。

第15章 策略建議

第16章 關於調查公司/免責聲明

India microinsurance market is projected to witness a CAGR of 6.23% during the forecast period FY2025-FY2032, growing from USD 5.41 billion in FY2024 to USD 8.77 billion in FY2032.

The microinsurance sector in India is booming owing to the amalgamation of government initiatives, rising awareness, technological upgradation, and a well-structured network of microfinance institutions (MFIs) and non-governmental organizations (NGOs). Government initiatives such as the Pradhan Mantri Jan Dhan Yojana and Pradhan Mantri Suraksha Bima Yojana have helped increase financial inclusion and provided poor access to the most basic insurance products. Such initiatives provide basic cover and create awareness regarding the necessity of financial security among the poor. The promotion of increased awareness through microfinance initiatives and the various programs implemented by NGOs in support of education explains the value proposition of microinsurance in contextual frameworks. Concerning the widespread diffusion of smartphones and digital platforms, microinsurance distribution has reached many more isolated areas than was the case with other traditional microfinance products. In this regard, AI and data analytics advancements have been viewed as steps toward more accurate risk assessments and better fraud detection so that specific needs can be covered with tailor-made insurance.

The growing number of microfinance institutions (MFIs) and non-governmental organizations (NGOs) is very important for providing microinsurance to people, especially in rural areas where regular insurance is not common. These organizations are offering tailored insurance products that address specific risks faced by rural communities, such as farming-related risks, health issues, or life insurance needs. This helps more people access insurance that suits their unique situations. Public-private partnerships have also pooled resources and expertise toward ensuring efficient delivery of services.

For example, Rashtriya Swasthya Bima Yojana (RSBY), launched by the Ministry of Labor and Employment, Government of India, aims to provide affordable health insurance to below-poverty-line (BPL) families. Under this scheme, beneficiaries receive health insurance coverage of up to USD 346.50 (INR 30,000) for hospitalization expenses for most diseases requiring hospitalization. It covers five family members, which includes the head of the family, the spouse, and up to three dependents. RSBY stands out because it utilizes technology to issue biometric-enabled smart cards to beneficiaries for easier and faster access.

Expanding Role of Technology in the Insurance Market

The increasing role of technology in the insurance market has significantly driven growth in the Indian microinsurance market. With smartphones and mobile internet penetration, insurance companies can now touch remote and rural populations that have remained underserved. Mobile apps make it possible to distribute policies, collect premiums, and settle claims much more efficiently than traditional paper-based methods; this reduces transaction costs while enhancing overall operational efficiency. This technological integration simplifies processes and eases low-income people's procurement of key insurance products. Further, artificial intelligence and data analytics have been changing the microinsurance domain. These technologies enhance risk assessment and fraud detection, allowing personalized product offerings tailored to individual needs.

For instance, in November 2024, ICICI Pru Edge, the 'Advisor Stack' of ICICI Prudential Life Insurance led to 37% growth in agent productivity. ICICI Prudential launched 'ICICI Pru Stack' to offer customers an end-to-end digital buying process. With the help of this stack, customer application forms are pre-filled, Aadhaar-based e-KYC authentication is conducted, and OCR technology is used to verify documents. This approach has enabled the company to issue approximately 20% of policies on the same day for the savings line of business.

Awareness and Educational Programs Fuel the Microinsurance Market Growth

Awareness and educational programs are significant driving forces behind the growth of India's microinsurance market, specifically for the underprivileged groups. NGOs and MFIs play a key role in such programs to educate these communities on the benefits of using microinsurance. They create trust and encourage adoption by speaking in local languages and using familiar examples to describe the value of insurance, thereby making it more accessible to people who are unfamiliar with financial products. Community-based programs, through self-help groups (SHGs) and cooperative societies, encourage peer learning and collective decision-making, thus ensuring higher acceptance rates for microinsurance products.

For instance, in May 2024, a group of around 46,000 self-employed women in India through SEWA (Self-Employed Women's Association) became the first beneficiaries of a novel insurance scheme that pays out when temperatures hit certain extremes. As the temperature crossed 40 degrees Celsius (104 degrees Fahrenheit) between May 18 and May 25, the women in Rajasthan, Gujarat, and Maharashtra received a flat USD 5 payment. The bulk of the women, some 92%, then received an additional payout when insurance tied to the local conditions and duration of the extreme heat was triggered, with some receiving up to USD 19.80 each. This depicts how NGOs such as SEWA are working towards the growth of microinsurance.

Government-backed awareness campaigns conducted in collaboration with local authorities also ensure that information about available microinsurance products and how to access them is widely disseminated. These efforts increase knowledge and empower people to make informed decisions about their financial security.

Government Initiatives Acting as a Growth Catalyst

The Indian government has undertaken several flagship programs that have supported the growth of microinsurance by increasing financial inclusion among the poor. In addition to enhancing the access of the poor to microinsurance products, these programs have made them more aware of the products. The IRDAI of India regulates the products that develop the ecosystem and asks insurers to devise products for the low-income sections. Partnerships with NGOs and microfinance institutions are promoted by the government so that there can be a maximum level of trust and adoption among target populations. Overall, all these government-backed initiatives and regulatory frameworks are imperative for scaling up the scope of micro-insurance in India and making vulnerable people more financially sound and resilient.

The Insurance Regulatory and Development Authority of India (IRDAI) has pledged to a very ambitious target, 'Insurance for All' by 2047. The vision is to make every citizen able to access the right life, health, and property insurance coverage, assist every enterprise with the right insurance solutions, and make the Indian insurance sector more attractive globally.

With the launch of the 'Jan Suraksha' schemes under the PMJDY (Pradhan Mantri Jan Dhan Yojana) program by the government nearly ten years ago, there has been significant progress with an estimated 66.76% of PMJDY accounts (no-frill bank accounts) now enrolled for accident insurance, 31% for life insurance, and 10% for micro-pensions as of April 2023.

Life Insurance Dominates India Microinsurance Market

The dominance of life insurance in India microinsurance market is driven by several critical factors that resonate with the needs and priorities of low-income families. Life cover is high on the list, as they are concerned with financial protection in the event of losing a breadwinner, which has severe socio-economic implications. It acts as a safety net and provides peace of mind during uncertain times. Moreover, life insurance products, such as term life policies, are simple and easy to understand, hence more attractive to low-income groups who may lack financial literacy. Affordability also plays a significant role, microinsurance products in life insurance typically come with lower premiums, making them accessible to underserved populations. The extensive distribution networks established by microfinance institutions (MFIs) and self-help groups facilitate the delivery of these products to rural and semi-urban areas, ensuring that even the most remote communities can access essential coverage. This combination of high demand, simplicity, affordability, and effective distribution channels positions life insurance as a dominant force within the microinsurance sector in India, addressing the critical need for financial security among vulnerable populations.

According to the FY2023-24 Annual Report by the Insurance Regulatory and Development Authority of India (IRDAI), new business premium (NBP) in life insurance's micro-insurance segment, which targets low-income groups, surpassed USD 1.12 Billion (INR 10,000 crore) for the first time. Also, the new business premium (NBP) in life insurance's micro-insurance segment reached USD 1.31 billion (INR 10,860.39 crore) in FY2024, up 23.5% from USD 1.06 billion (INR 8,792.8 crore) in FY2023. This testifies to the growing resonance of life insurance microinsurance in India.

The Southern region of India majorly contributes to the microinsurance market. States such as Tamil Nadu, Karnataka, and Kerala have higher literacy rates, which have created better financial awareness among the population. People can now understand the benefits and importance of microinsurance products. Increased awareness is the translation of better adoption of such products because consumers are more aware of their financial options.

Other benefits include a rich NGO network and MFI networks actively advocating for microinsurance, with organizations actively reaching out to the grassroots levels of education of various financial products, helping open insurance access among poor families, while cooperatives and self-help groups make up an essential microinsurance component of the South because many such entities support members through resource pooling and thus make access to insurance coverage more effective. State government initiatives also contribute significantly to the microinsurance market in this region. Active government policies aimed at promoting financial inclusion and supporting rural development encourage the uptake of microinsurance products.

In July 2022, a sum of USD 2.66 million (INR 222 crore) was released as a loan by the government to the Tamil Nadu Urban Development Fund, of which, a sum of USD 2.35 million has been disbursed to the sub-projects and the balance available is USD 306,600 (INR 25.54 crore) only. This depicts how the Tamil Nadu Government actively supports microinsurance initiatives for financial aid.

Future Market Scenario (FY2025 - FY2032F)

With the high penetration of smartphones, laptops, and other devices, digital platforms for microinsurance distribution are gaining momentum. This not only helps in accessibility but also improves the customer experience through AI-driven personalized recommendations.

The Government of India is working proactively to achieve financial inclusion, which would support the growth of microinsurance. Policy measures, along with the support for microinsurance, will bring more citizens under the protection net.

More people are coming to realize the value of microinsurance in poverty alleviation, building resilience against predictable shocks, and avoiding economic shocks. Increased educational campaigns and outreach programs will further enhance this realization.

Organizations such as microfinance institutions and self-help groups have been efficiently disbursing microinsurance products. Their established networks are expected to facilitate broader outreach and market penetration.

Key Players Landscape and Outlook

The microinsurance market in India is focused on affordability and access. Thus, it tends to be relatively inexpensive for the lowest-income individual or group to get a relatively affordable premium that fits the income class. It seeks to include risks, including health, life, property, agriculture, and livestock coverage to target different kinds of consumers. Technological integration is critical, and using mobile apps and artificial intelligence improves customer experience and simplifies the process. The distribution channels take advantage of community networks, NGOs, microfinance institutions (MFIs), and digital platforms to reach a wider audience. Driving factors include government initiatives for financial inclusion and awareness building about affordable financial protection. Challenges, however, include low awareness, high transaction costs, and regulatory obstacles. Yet, with the integration of technology and government support, the growth prospects are massive. Companies are increasingly underscoring innovation and customer-centric approaches to remain competitive in this evolving market. The microinsurance sector is on the verge of considerable growth due to the increasing demand for accessible financial solutions among the marginalized communities of India.

In October 2024, the Life Insurance Corporation of India (LIC) introduced a single-premium group micro-term insurance plan. A non-participating, non-linked, group, pure risk, microinsurance product, the plan is specially designed to provide simple, flexible, and affordable life insurance to cater to the needs of finance institutions, including microfinance institutions, co-operatives, self-help groups (SHGs) and non-governmental organizations (NGOs) to cover their members.

In October 2024, HDFC ERGO General Insurance Company successfully hosted the grand finale for the first-ever edition of its TechPreneur Day, the Company's novel initiative to facilitate innovation in Indian insurance. Teaming up with BCG, Google, and HEIITB, the seven promising start-ups witnessed the much-awaited grand finale of the activity. Through the contest, HDFC ERGO called start-ups for presentations of their groundbreaking solutions and innovations for the insurance sector in the following areas that could revolutionize the sector, Generative AI, Motor & Health Claims Processing, Fraud Detection, Marketing Technology (MarTech), Customer Experience Management (CEM), and Underwriting (UW).

Table of Contents

1. Project Scope and Definitions

2. Research Methodology

3. Executive Summary

4. Voice of Customer

• 4.1. Product and Market Intelligence
• 4.2. Mode of Brand Awareness
• 4.3. Factors Considered in Purchase Decisions
  • 4.3.1. Coverage and Benefits
  • 4.3.2. Premium Costs
  • 4.3.3. Claim Process
  • 4.3.4. Renewability
  • 4.3.5. Technology Utilization
  • 4.3.6. Transparency
• 4.4. Customer Support
• 4.5. Consideration of Privacy and Regulations

5. India Microinsurance Market Outlook, FY2018-FY2032F

• 5.1. Market Size Analysis & Forecast
  • 5.1.1. By Value
• 5.2. Market Share Analysis & Forecast
  • 5.2.1. By Type
    • 5.2.1.1. Lifetime Coverage
    • 5.2.1.2. Term Insurance
  • 5.2.2. By Age Group
    • 5.2.2.1. Minor
    • 5.2.2.2. Adult
    • 5.2.2.3. Senior Citizens
  • 5.2.3. By Product Type
    • 5.2.3.1. Property Insurance
    • 5.2.3.2. Health Insurance
    • 5.2.3.3. Life Insurance
    • 5.2.3.4. Index Insurance
    • 5.2.3.5. Accidental Death
  • 5.2.4. By Provider
    • 5.2.4.1. Microinsurance (Commercially Viable)
    • 5.2.4.2. Microinsurance Through Aid/Government Support
  • 5.2.5. By Distribution Channel
    • 5.2.5.1. Direct Sales
    • 5.2.5.2. Financial Institutions
    • 5.2.5.3. Digital Channels
    • 5.2.5.4. Others
  • 5.2.6. By Model
    • 5.2.6.1. Partner Agent Model
    • 5.2.6.2. Full-Service Model
    • 5.2.6.3. Provider-Driven Model
    • 5.2.6.4. Community-Based
  • 5.2.7. By End-user
    • 5.2.7.1. Individual
    • 5.2.7.2. Corporate
  • 5.2.8. By Region
    • 5.2.8.1. North
    • 5.2.8.3. South
    • 5.2.8.4. East
    • 5.2.8.5. West and Central
  • 5.2.9. By Company Market Share Analysis (Top 5 Companies and Others - By Value, FY2024)
• 5.3. Market Map Analysis, FY2024
  • 5.3.1. By Type
  • 5.3.2. By Age Group
  • 5.3.3. By Product Type
  • 5.3.4. By Provider
  • 5.3.5. By Distribution Channel
  • 5.3.6. By Model
  • 5.3.7. By End-user
  • 5.3.8. By Region

6. Demand Supply Analysis

7. Value Chain Analysis

8. Porter's Five Forces Analysis

9. PESTLE Analysis

10. Premium Cost Analysis

11. Market Dynamics

• 11.1. Market Drivers
• 11.2. Market Challenges

12. Market Trends and Developments

13. Case Studies

14. Competitive Landscape

• 14.1. Competition Matrix of Top 5 Market Leaders
• 14.2. SWOT Analysis for Top 5 Players
• 14.3. Key Players Landscape for Top 10 Market Players
  • 14.3.1. Bharti AXA Life Insurance Company Limited
    • 14.3.1.1. Company Details
    • 14.3.1.2. Key Management Personnel
    • 14.3.1.3. Products and Services
    • 14.3.1.4. Financials (As Reported)
    • 14.3.1.5. Key Market Focus and Geographical Presence
    • 14.3.1.6.Recent Developments/Collaborations/Partnerships/Mergers and Acquisition
  • 14.3.2. SBI Life Insurance Company Limited
  • 14.3.3. SEWA (Self-Employed Women's Association)
  • 14.3.4. LIC (Life Insurance Corporation of India)
  • 14.3.5. ICICI Prudential Life Insurance Company
  • 14.3.6. Bajaj Allianz General Insurance Company Limited
  • 14.3.7. Uplift Mutuals
  • 14.3.8. Yes Bank Limited
  • 14.3.9. Mann Deshi Foundation
  • 14.3.10. HDFC ERGO General Insurance

Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work.

15. Strategic Recommendations

16. About Us and Disclaimer

List of Tables

• Table 1. Competition Matrix of Top 5 Market Leaders
• Table 2. Mergers & Acquisitions/ Joint Ventures (If Applicable)
• Table 3. About Us - Regions and Countries Where We Have Executed Client Projects

List of Figures

• Figure 1. India Microinsurance Market, By Value, In USD Billion, FY2018-FY2032F
• Figure 2. India Microinsurance Market Share (%), By Type, FY2018-FY2032F
• Figure 3. India Microinsurance Market Share (%), By Age Group, FY2018-FY2032F
• Figure 4. India Microinsurance Market Share (%), By Product Type, FY2018-FY2032F
• Figure 5. India Microinsurance Market Share (%), By Provider, FY2018-FY2032F
• Figure 6. India Microinsurance Market Share (%), By Distribution Channel, FY2018-FY2032F
• Figure 7. India Microinsurance Market Share (%), By Model, FY2018-FY2032F
• Figure 8. India Microinsurance Market Share (%), By End-user, FY2018-FY2032F
• Figure 9. India Microinsurance Market Share (%), By Region, FY2018-FY2032F
• Figure 10. By Type Map-Market Size (USD Billion) & Growth Rate (%), FY2024
• Figure 11. By Age Group Map-Market Size (USD Billion) & Growth Rate (%), FY2024
• Figure 12. By Product Type Map-Market Size (USD Billion) & Growth Rate (%), FY2024
• Figure 13. By Provider Map-Market Size (USD Billion) & Growth Rate (%), FY2024
• Figure 14. By Distribution Channel Map-Market Size (USD Billion) & Growth Rate (%), FY2024
• Figure 15. By Model Map-Market Size (USD Billion) & Growth Rate (%), FY2024
• Figure 16. By End-user Map-Market Size (USD Billion) & Growth Rate (%), FY2024
• Figure 17. By Region Map-Market Size (USD Billion) & Growth Rate (%), FY2024