About Juvenile Life Insurance
Juvenile life insurance refers to a lifelong policy bought for a child, often under 18 years old, by a parent, grandparent, or guardian. This type of permanent life insurance remains active throughout the child's life and provides a death benefit regardless of the age at the time of passing, as long as regular premiums are maintained. A considerable number of life insurance policies for children are designed as whole life insurance plans. The global juvenile life insurance market is being shaped by several key drivers, trends, and opportunities. Increasing awareness about the importance of financial planning for children's future, rising parental concerns regarding education and healthcare expenses, and a growing emphasis on securing the financial well-being of the younger generation are driving the demand for juvenile life insurance policies. Technological advancements are enabling insurers to reach a wider audience through online platforms and offer more personalized, convenient services. Additionally, there is a noticeable trend towards incorporating educational components within these policies, promoting financial literacy among both parents and children.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Competition among existing players is due to the Juvenile Life Insurance market share occupied by leading players. The industry leader is engaged in offering innovative and superior quality products to cater to the ever-growing demand for Juvenile Life Insurance Market. The companies are implementing strategic activities such as acquisitions and mergers along with collaboration with companies in other industries to aid them in improving sustenance and maintaining their competitive advantage. Analyst at AMA Research estimates that Global Players will contribute the maximum growth to Global Juvenile Life Insurance market throughout the forecasted period. 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.
Allianz (Germany), Assicurazioni Generali (Italy), China Life Insurance (China), MetLife (United States), PingAn (China), AXA (France), Sumitomo Life Insurance (Japan), Aegon (Netherlands), Dai-ichi Mutual Life Insurance (Japan) and CPIC (China) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Aviva (United Kingdom), Munich Re Group (Germany), Zurich Financial Services (Switzerland), Nippon Life Insurance (Japan), Gerber Life Insurance (United States) and AIG (United States).
Segmentation Overview
AMA Research has segmented the market of Global Juvenile Life Insurance market by Type (Term Life insurance, Whole Life insurance, Universal Life insurance and Variable Life Insurance), Application (School and Home Use) and Region.
On the basis of geography, the market of Juvenile Life 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 Premium Type, the sub-segment i.e. Monthly will boost the Juvenile Life Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Distribution Channel, the sub-segment i.e. Agents & Brokers will boost the Juvenile Life Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Age Type, the sub-segment i.e. Below 10 Years Old will boost the Juvenile Life Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Adoption of whole Juvenile Life Insurance and Indexed Juvenile Life Insurance by the Consumers at a Different Interest Rate
Market Growth Drivers:
Increasing Number People that are Using this Insurance for their Children Saftey and Concerns and Rising Numerous Benefits of this Insurance policy
Challenges:
High Competitive Threat from other Companies
Restraints:
Downside Risk of Economy Related to the Insurance
Opportunities:
Increasing Disposable Income and Income Tax Benefits is Making Opportunity in this Industry and Government Initiatives to Make People Aware of such Practices
Market Leaders and their expansionary development strategies
In January 2021, Resolution Life Group Holdings LP, a global manager of in-force life insurance businesses, is delighted to announce that it has completed the acquisition of Voya Financial, Inc.’s, (‘Voya’) individual life in-force business.
In Feburary 2024, LIC of India has launched a new plan called "LIC’s Amritbaal (Plan 874),” according to LIC Amritbaal press statement issued on February 16. This plan, launched by Dr Vivek Joshi, Secretary of Financial Services.
Key Target Audience
Juvenile Life Insurance Providers, Potential Investors, Government Organizations 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.