Reasons for not purchasing life insurance in India 2023

Published by Sandhya Keelery, Aug 30, 2024
According to a survey conducted in 2023 in India, 57 percent of the respondents lacked the understanding of life insurance products. 40 percent of the respondents stated that high premiums were the primary reason for not purchasing life insurance.

Reasons for not purchasing 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

669 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 two cities and 19 percent to tier three cities.

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Life insurance industry in IndiaLife insurance worldwideInsurance industry in IndiaGlobal insurance industry
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