High-net-worth individuals (HNIs) in India are increasingly favoring high-value term insurance policies with a minimum insured sum of INR 200 million ($2.40 million).
According to a report from Business Standard, Policybazaar, an online insurance broking company, has observed this emerging trend. Policybazaar’s data indicates that policies valued at INR 50 million, once considered substantial, are now becoming more commonplace.
The surge in demand for these high-value policies is particularly notable in major metropolitan areas. Regions such as the National Capital Region (NCR), Pune, Hyderabad, and Visakhapatnam are seeing significant uptake in policies with insured sums of INR 200 million. Additionally, cities like Bangalore, Chennai, and Mumbai are witnessing purchases of policies valued between INR 100 million and INR 150 million.
Rhishabh Garg, business head of Term Insurance at Policybazaar, emphasized, “The increasing demand for high-value term insurance policies underscores the growing awareness among HNIs.”
