mumbai the online insurance market in india is likely to grow 20 times by 2020 a study showed a study conducted by boston consultancy group and google showed that overall internet influenced sales would be rs 15000 crore to rs 20000 crore at present it is in excess of rs 700 crore online sales life insurance sales contribute around rs 300 crore motor insurance around rs 250 crore while other insurance lines such as health and travel make up around rs 150 crore digital insurance in india is set to become massive supported by developments like mobility to drive internet growth move over natives the migrants are in full force and move over metros the report said today the overall influence of internet on insurance product purchase in india is already 6x and growing rapidly insurance companies in india are still lagging behind the consumers and have not invested enough to create digital assets to engage the mature consumers online said vikas agnihotri industry director bfsi travel google india the biggest challenge for the industry would be to think big the number of internet users in india is expected to grow from 200 million today to nearly 330 million by 2016 thanks to improving infrastructure the spread of mobile phones to the most farflung rural areas and affordable internet facilities online life insurance sales are expected to grow to 35 of the individual annualised new business premium by 2020 and nonlife insurance sales are expected to grow to 1520 of nonlife retail business this means the online insurance sales market in india will be around rs 3500rs 6000 crore for life insurance and around rs 1100015000 crore for nonlife insurance a total of rs 1500020000 crore up by over 20 times life insurers are trying to move more and more renewals to online channels currently online renewals are expected to be around 1015 of overall individual business renewals which means around rs 15000 25000 crore worth of renewal premium is already coming through the online channel for the industry by 2020 online renewals are expected to be 3550 of individual renewal premiums which will take online renewal premium to rs 175000 to rs 300000 crore the report said