High-net-worth individuals (HNIs) in India are increasingly opting for high-value term insurance policies with an insured sum of at least INR200m ($2.40m).
Policybazaar, an insurance broking company that operates an online platform, highlights this trend, according to a report by Business Standard. The Policybazaar data also show that INR50m policies, once considered substantial, are now becoming commonplace.
The purchase of such high-value policies is primarily concentrated in major metropolitan areas. The National Capital Region (NCR) and cities like Pune, Hyderabad, and Visakhapatnam have seen significant uptake in INR200m policies. Similarly, Bangalore, Chennai, and Mumbai report purchases of policies valued between INR100m and INR150m.
Mr Rhishabh Garg, business head of Term Insurance at Policybazaar, said, “The increasing demand for high-value term insurance policies highlights the importance of growing awareness among HNIs."