High-net-worth individuals (HNIs) across India are increasingly favoring term insurance policies with substantial coverage, reveals data from Policybazaar, a leading online insurance brokerage. Traditionally, policies with a minimum insured sum of INR 200 million ($2.40 million) are gaining popularity among affluent clients, marking a significant shift in insurance preferences.
According to a report by Business Standard, Policybazaar has observed a notable trend where policies valued at INR 50 million, once considered substantial, are now becoming standard choices among HNIs. This surge in demand is primarily concentrated in major metropolitan areas such as the National Capital Region (NCR), Pune, Hyderabad, and Visakhapatnam, where policies exceeding INR 200 million are increasingly sought after. Additionally, cities like Bangalore, Chennai, and Mumbai are witnessing a rise in policies ranging between INR 100 million and INR 150 million.
Mr. Rhishabh Garg, business head of Term Insurance at Policybazaar, emphasized, “The growing preference for high-value term insurance policies underscores the increasing awareness among HNIs about the need for comprehensive coverage.”
This trend highlights a strategic shift in the insurance landscape as affluent Indians prioritize substantial financial protection through high-value term insurance policies.
