Awareness and ownership levels of life insurance in India 2023

Published by Sandhya Keelery, Aug 30, 2024
According to a survey conducted in 2023 in India, 85 percent of respondents were aware of the life insurance. However, only 28 percent of the respondents currently owned a life insurance policy. The most important purchase barriers were affordability issues, lack of sufficient understanding, and procrastination.

Awareness and ownership levels of life insurance in India as of March 2023

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Release date

July 2023

Region

India

Survey time period

February 2023 to March 2023

Number of respondents

1,651 respondents

Age group

23 years and older

Method of interview

Face-to-face interview

Supplementary notes

12 percent of the respondents were females and 88 percent were males.

46 percent of the respondents belonged to metro cities, 35 percent to tier 2 cities and 19 percent to tier 3 cities.

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