Policybazaar data analytics reveal that it has witnessed double-digit increase in the number of term and health insurance policies bought during
Covid pandemic compared to 2019. Further, it has revealed that increase is largely due to greater awareness of financial risks associated with mortality and surge in young consumers opting to buy insurance cover.
The sale of term insurance policies specific to Karnataka region went up by 54% in April & by 32% for the time period April-September. In terms of health insurance bought, the state witnessed a growth by 92% YoY and 25% on an average from April-September.
As per data, the age group of 42-50 years witnessed highest increase in term insurance buying YoY, i.e. by 95% and for the year 2020 the age group 31-40 years holds the largest share in terms of policies bought, i.e., 54%. Currently 67% of Policybazaar’s traffic belongs to salaried segment and 33% self-employed. The share of High Net Individuals buying policies online with Policybazaar is around 20%.
Likewise, people are investing in higher health cover policies available online at affordable pricing. Data pointed out that around 43% people bought health plans with cover of 1 Cr. in Karnataka. 59% people bought a family floater health plan with a cover of 1 Cr. and 41% people bought individual health plans. The age group of 26-45 years invested maximum in health insurance, followed by the age segment 46-60, i.e. 20%.
