High net-worth individuals show strong preference for high value term insurance of up to ₹20 Crore
Gurugram, July 03, 2024: As the awareness and demand for term insurance gains momentum, Policybazaar has observed a steadily growing preference among High-Net-Worth Individuals (HNIs) for high-value insurance coverage. This shift is visible through an increasing number of HNIs opting for high-value policies of ₹20 Crore over the last few years.
This reflects an evolving sense of risk management and financial planning among this segment. Also, this marks a departure from the conventional belief that online platforms are not favoured for high-value transactions.The shift in insurance choices is also clear with more people now opting for ₹5 Crore policies, which was seen as very high coverage.
Today, these policies are becoming as common as the ₹1 Crore policies, showing that ₹5 Crore is becoming the new norm in HNI term insurance. The trend indicates a notable concentration of such purchases in key metropolitan regions.
In the National Capital Region (NCR), followed by Pune, Hyderabad, and Visakhapatnam, several policies worth 20 Crore have been bought by HNIs, reflecting the growing demand for comprehensive financial protection. Similarly, cities like Bangalore, Chennai and Mumbai have also shown a noticeable uptake, with policies ranging between ₹10 to 15 Crore being bought by HNIs here.
Policybazaar platform's seamless purchasing process, convenience, and transparency are the factors that makes it the trusted choice for HNIs as pointed out by a happy customer -Sarbvir Singh, Joint Group CEO, PB Fintech, points out, “We are delighted to witness the growing trust of HNIs in Policybazaar for their term insurance needs. The online sale of high-ticket size policies dispels the myth that digital mediums are not preferred by
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