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
Characteristic
Share of respondents
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Policybazaar. (July 5, 2023). Awareness and ownership levels of life insurance in India as of March 2023 [Graph]. In Statista. Retrieved July 03, 2024, from https://www.statista.com/statistics/1421727/india-awareness-and-ownership-levels-of-life-insurance/
Policybazaar. "Awareness and ownership levels of life insurance in India as of March 2023." Chart. July 5, 2023. Statista. Accessed July 03, 2024. https://www.statista.com/statistics/1421727/india-awareness-and-ownership-levels-of-life-insurance/
Policybazaar. (2023). Awareness and ownership levels of life insurance in India as of March 2023. Statista. Statista Inc.. Accessed: July 03, 2024. https://www.statista.com/statistics/1421727/india-awareness-and-ownership-levels-of-life-insurance/
Policybazaar. "Awareness and Ownership Levels of Life Insurance in India as of March 2023." Statista, Statista Inc., 5 Jul 2023, https://www.statista.com/statistics/1421727/india-awareness-and-ownership-levels-of-life-insurance/
Policybazaar, Awareness and ownership levels of life insurance in India as of March 2023 Statista, https://www.statista.com/statistics/1421727/india-awareness-and-ownership-levels-of-life-insurance/ (last visited July 03, 2024)
Awareness and ownership levels of life insurance in India as of March 2023 [Graph], Policybazaar, July 5, 2023. [Online]. Available: https://www.statista.com/statistics/1421727/india-awareness-and-ownership-levels-of-life-insurance/