About Endowment Insurance
Endowment insurance is a type of life insurance policy that provides coverage to the policyholder which helps them save regularly over a specific period of time and allows them to get a lump sum amount on the maturity of the policy. There are various endowment insurance options that act as a saving account helping in saving amount for uncertain losses or expenses. Endowment options like unit-linked, full/with profit, low-cost, non-profit plans are included in it providing coverage for critical illness, disability, accidental death, hospital cash benefits, etc.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The global market is highly competitive and consists of a limited number of providers who compete with each other. The intense competition, changing consumer spending patterns, demographic trends, and frequent changes in consumer preferences pose significant opportunities for market growth. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Chubb Limited (United States), Sun Life Philippines (Canada), AIA Group Limited (Hong Kong), Royal London Mutual Insurance Society Limited (United Kingdom), AMP Limited (Australia), Aegon Life Insurance Company (India), Aviva plc (United Kingdom), Assicurazioni Generali S.p.A (Italy), ICICI Prudential Life Insurance (India) and Coverfox Insurance Broking Pvt. Ltd. (India) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Endowment Insurance market by Type (Unit Linked Endowment Plan, Full/With Profit Endowment, Low-Cost Endowment and Non-profit Endowment), Application (Retirement Planning, College and Long Term Saving) and Region.
On the basis of geography, the market of Endowment Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Distribution Channel, the sub-segment i.e. Online will boost the Endowment Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Coverage, the sub-segment i.e. Critical Illness will boost the Endowment Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Emerging Number of Low-Cost Endowment Plans and Policies and Increasing Consumption of Endowment Insurance for Retirement Planning
Market Growth Drivers:
Need for Long Term Savings Management and Demand for Contingency Money or Funds to Overcome Uncertain Expenses or Losses
Challenges:
Regulatory Compliances with the Endowment Insurance
Restraints:
Problems with the Lower Surrender Value than the Paid Premium in Endowment Insurance
Opportunities:
Introduction of Various Coverage Plans in Endowment Insurance and Awareness About the Benefits and Various Policy Options with Different Range of Premium Amounts
Market Leaders and their expansionary development strategies
In April 2022, Tata AIA Life Insurance has partnered with common service centers (CSCs) to distribute its endowment policy with sum assured of up to Rs.24.97 lakh. This acquisition will further strengthen our distribution efforts by helping millions of customers in the remotest corners of the country through technology leverage and product innovation.
On 8th October 2020, Future Generali India Life Insurance Company has announced the launch of its latest offering, Future Generali New Assured Wealth Plan. The plan is a guaranteed endowment plan and also has the option to go for the guaranteed endowment plan with an inbuilt waiver of premium. The Guaranteed Additions are as a percentage of the Sum Assured and accrue every year starting from the 8th policy year and are payable at maturity.
"Initially, the court concluded that a contract must constitute a life insurance product in order for it to be possible to categorize it as an endowment insurance policy. However, as there is no definition of 'life insurance' under Swedish tax law, the court took guidance from Swedish insurance law. By way of review of the relevant preparatory works and previous case law, the court established that in order for a contract to constitute a life insurance product, there must be a risk element that is covered by the insurance product."
Key Target Audience
Endowment Insurance Providers, Endowment Insurance Industry Association, Research and Development Institutes, Potential Investors, Regulatory Bodies and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.