India
One of the fastest-growing insurance markets in the world, regulated by IRDAI
Insurance Categories in India
01 — Market overview
Insurance in India
India's insurance market is the fifth-largest in Asia by premium volume and the fastest-growing among major economies — total premiums crossed ₹10 lakh crore in FY2023-24 with health insurance specifically growing 21% year-on-year. The market is split between LIC (still ~60% of life insurance new business) and ~24 private life insurers; on the general side, ICICI Lombard, Bajaj Allianz, HDFC ERGO, and Star Health lead. Penetration remains low relative to peers — total premium as a share of GDP is around 4%, versus ~12% in the US and ~9% in the UK — which is why the IRDAI's stated goal is universal cover by 2047.
02 — Regulatory context
Who regulates insurance in India
The Insurance Regulatory and Development Authority of India (IRDAI) regulates every life, health, and general insurer operating in India. IRDAI publishes annual claim settlement ratios for all life insurers — the headline metric for term insurance shoppers — and enforces the policy wording requirements, including the standardised Arogya Sanjeevani health policy that every health insurer must offer. The Insurance Ombudsman scheme provides free dispute resolution up to ₹50 lakh. Insurance premiums attract 18% GST, applied to the base premium.
03 — Practical notes
What to know before you compare
Section 80D allows deduction of health insurance premiums up to ₹25,000 for self and family, plus an additional ₹25,000 (₹50,000 if senior) for parents. Term life premiums qualify under Section 80C subject to the 10% premium-to-sum-assured rule, with death benefits exempt under Section 10(10D). Both deductions require the old tax regime; the new regime (default since FY 2023-24) eliminates them. Motor third-party cover is statutorily mandatory; comprehensive cover is optional but priced from the vehicle's Insured Declared Value. Pre-existing disease waiting periods on health policies cluster at 36-48 months across the market.
Public insurance data for India
Registration numbers, product UINs, official documents and published figures — each linked to the source it was read from.