The survival claims of life insurance in India have shown notable growth from 2013 to 2023, standing at 1172.9 billion INR in 2023. Between 2013 and 2019, the values experienced an upward trend with varying growth rates. However, 2020 faced a significant decline of 13.57%, likely influenced by the COVID-19 pandemic's impact. Post-2020, there was a resurgence with an 18.91% increase in 2021, followed by a steady growth rate resulting in a CAGR of 3.91% over the last five years until 2023.
Looking ahead, the forecasted data suggests a continuing growth trend at an average CAGR of 2.55% from 2024 to 2028, with a total forecasted growth rate of 13.43% over the period. This indicates steady but modest increases in survival claims values.
Future trends to watch for include the impact of regulatory changes, economic conditions, and demographic shifts on life insurance survival claims. Increased digitalization and innovations in the insurance sector may also influence future growth dynamics.
