Why do Indian consumers ignore term insurance?
1 month, 3 weeks ago

Why do Indian consumers ignore term insurance?

The Hindu  

In this world, nothing can be said to be certain, except death and taxes. Term insurance needs to be part of any prudent financial plan especially during the income generating years of the family’s breadwinners. Insurance in India is largely a push product and often, sales advisors don’t push term insurance as it has a lower ticket size than other insurance products. India’s vast addressable market for term insurance lies in the middle — taxpayers without a safety net and families dependent on current incomes. • One major reason people hesitate to buy term insurance is the fear they’ll keep paying premiums throughout their life, only for family’s claim to be rejected after their death.

India Insurance Financial Tax Term Term Insurance Lower Premium  life  financial  lower  premium  risk  ignore  consumers  death  indian  insurance  term  adoption  tax

History of this topic

Awareness, affordability, and attractiveness: Insurance sector's budget wishlist
2 months ago

Awareness, affordability, and attractiveness: Insurance sector's budget wishlist

Live Mint  

The Union budget 2025 has provided a good opportunity to consider measures that can further support the insurance sector, which is fundamental to fostering a secure and resilient economy, supporting both individual and collective financial well-being. This wishlist focuses on three key areas that merit attention and action: improving public awareness, enhancing the affordability of basic insurance products, especially for …

Top cities and youngsters fuel term insurance sales
2 months, 1 week ago

Top cities and youngsters fuel term insurance sales

Deccan Chronicle  

Mumbai: Top metro cities such as Delhi NCR, Bangalore, and Mumbai that have higher concentration of affluent and financially aware individuals are driving term life insurance sales followed by Hyderabad, Pune, and Chennai found a study by Policybazaar, the largest insurance aggregator. High-salaried individuals earning between ₹15-40 lakh per annum, now constitute 15 per cent of all term insurance customers, …

Fewer Indians Seem To Have Life Insurance Now. Here’s Why
3 months ago

Fewer Indians Seem To Have Life Insurance Now. Here’s Why

ABP News  

By AR Hemant The BankBazaar Moneymood 2025 survey report revealed a troubling trend: life insurance uptake in India is on the decline. Of the salaried men and women surveyed in 2024, only 37 per cent of Indians invested in life insurance-linked investment products in 2024, a sharp drop from 46 per cent in 2022. Endowment Plans and ULIPs Lose Their …

How to Choose the Best Term Insurance Plan
3 months ago

How to Choose the Best Term Insurance Plan

Live Mint  

When it comes to securing your family’s future, a term insurance plan is one of the most important steps you can take. Reliable insurance companies, like Tata AIA Life Insurance have a claim settlement ratio of 99.13%* Why Choose Tata AIA Sampoorna Raksha Promise? Tata AIA Sampoorna Raksha Promise offers coverage and a range of benefits designed to meet your …

Understanding your motor coverage: Your Guide to Comprehensive Motor Insurance in India
4 months, 2 weeks ago

Understanding your motor coverage: Your Guide to Comprehensive Motor Insurance in India

Live Mint  

India’s automobile sector is expanding at an unprecedented pace. For many vehicle owners in India, comprehensive motor insurance is seen as an avoidable expense. The Financial Implications of Under-Insurance Vehicle owners who avoid comprehensive insurance may believe they are saving money, but in reality, they are risking far greater financial loss. The Way Forward: Encouraging Comprehensive Coverage The under-penetration of …

Why Quick Claim Intimation Is A Lifeline For Term Insurance Beneficiaries
6 months, 3 weeks ago

Why Quick Claim Intimation Is A Lifeline For Term Insurance Beneficiaries

News 18  

Term insurance, which is the essence of any financial planning, is often overlooked until an unfortunate event strikes the family and ends up bearing the brunt of financial uncertainty. The quick claim intimation comes to the rescue in such cases that requires minimal formalities to process the amount of Rs 1-3 lakhs to be disbursed to the nominee. A feature …

How Much Do High Net-worth Individuals Invest In Term Insurance? Policybazaar Reveals Trends
8 months, 2 weeks ago

How Much Do High Net-worth Individuals Invest In Term Insurance? Policybazaar Reveals Trends

News 18  

As the awareness and demand for term insurance gain momentum, Policybazaar has observed a steadily growing preference among High-Net-Worth Individuals for high-value insurance coverage. This shift is visible through an increasing number of HNIs opting for high-value policies of Rs 20 Crore over the last few years, the insurance marketplace said. Sarbvir Singh, joint group CEO, PB Fintech, said, “We …

India insured by 2047: Insurance companies must be profitable to achieve this
10 months ago

India insured by 2047: Insurance companies must be profitable to achieve this

Live Mint  

In synchrony with the broader national intent of India becoming a developed nation, the Insurance Regulatory and Development Authority of India has embraced the laudable goal of “India Insured by 2047." The objective is to ensure that “every citizen has appropriate life, health and property cover and every enterprise is supported by an appropriate solution" and to make India’s insurance …

Buying Term Insurance? Don't Get Stuck, Know These 5 Things Before Paying Premium
11 months, 1 week ago

Buying Term Insurance? Don't Get Stuck, Know These 5 Things Before Paying Premium

News 18  

In an uncertain world, financial protection for your loved ones is paramount. Among other options, term insurance offers a solution to safeguard your family’s future in the event of an unforeseen tragedy. Before purchasing a term insurance policy, it’s crucial to understand key aspects such as coverage amount, policy tenure, premium payment modes, rider options, and the reputation of the …

Understanding Term Insurance Options For Self-Employed Individuals In India
11 months, 3 weeks ago

Understanding Term Insurance Options For Self-Employed Individuals In India

News 18  

India’s dynamic employment ecosystem is rapidly seeing the rise of self-employed individuals. Evolving term insurance accessibility Traditionally, obtaining term insurance as a self-employed individual was challenging due to stringent financial underwriting guidelines. This evolution has led to increased accessibility to term insurance for self-employed individuals, allowing them to secure their financial future and protect their loved ones from potential financial …

4 key trends shaping the future of life insurance for the millennials and Gen Z
1 year ago

4 key trends shaping the future of life insurance for the millennials and Gen Z

Live Mint  

Millennials have disrupted many industries, and insurance is not an exception. In the dynamic landscape of the Indian life insurance industry, a transformative shift is underway, with prime focus on providing tailored financial protection for the next generation. By providing clear information and eliminating confusing jargon, insurers can build trust and make it easier for millennials to make informed decisions …

India must look at uniformity of insurance
3 years ago

India must look at uniformity of insurance

Live Mint  

Around two years ago, Insurance Regulatory and Development Authority, the insurance regulator, under its previous chairman, kick-started the standardization of insurance products with health insurance. Especially long-term products like term life and health insurance, where customers commit big premiums for the long term, in most cases for their lifetime. As per our check on the IRDAI portal, there have been …

Term insurance price indices surge 4.18% in December quarter: Report
3 years, 2 months ago

Term insurance price indices surge 4.18% in December quarter: Report

Live Mint  

The Indian insurance industry has been experiencing adversity in terms of claims amid surging covid cases, and this in turn is hurting consumers as re-insurers hike premium prices. In the fourth quarter of 2021, the term insurance price index value has gone up by 4.18% to ₹23,929. Insurance web aggregator PolicyX.com's report shows a huge difference of 9.75% in the …

How to tackle under-penetration and protection gap of insurance in India
4 years, 6 months ago

How to tackle under-penetration and protection gap of insurance in India

Live Mint  

Statistics about insurance in India don’t make for happy reading. This means consumers have savings and insurance of just ₹7.8 for every ₹100 needed for protection, a gap of ₹92.2, according to Mortality Protection Gap Report, Asia -Pacific, by Swiss Re. The purchase of any kind of pure insurance, commonly known as term insurance, helps protect from financial shocks due …

Buying a term insurance plan? Compare features, not just premiums
6 years, 9 months ago

Buying a term insurance plan? Compare features, not just premiums

Live Mint  

If you want life insurance then don’t look beyond a term plan: it’s the cheapest and the best way to insure your life and now you can buy it online. Aviva Life Insurance Co. India Ltd recently added Aviva i-Term Smart plan to the stable of online term plans. The policy also allows you to increase the sum assured on …

Four reasons why Indians buy such little general insurance
6 years, 11 months ago

Four reasons why Indians buy such little general insurance

Live Mint  

Insurance penetration in India is low, particularly for general insurance, which includes motor, health, property and liability covers. We buy about Rs750 of general insurance per person per year compared to over Rs6,500 in Russia, China or Brazil, according to a report by the International Monetary Fund. People buy less general insurance because they don’t know where to buy from, …

Four reasons why Indians buy such little general insurance
6 years, 11 months ago

Four reasons why Indians buy such little general insurance

Live Mint  

Insurance penetration in India is low, particularly for general insurance, which includes motor, health, property and liability covers. We buy about Rs750 of general insurance per person per year compared to over Rs6,500 in Russia, China or Brazil, according to a report by the International Monetary Fund. People buy less general insurance because they don’t know where to buy from, …

Four reasons why Indians buy such little general insurance
6 years, 11 months ago

Four reasons why Indians buy such little general insurance

Live Mint  

Insurance penetration in India is low, particularly for general insurance, which includes motor, health, property and liability covers. We buy about Rs750 of general insurance per person per year compared to over Rs6,500 in Russia, China or Brazil, according to a report by the International Monetary Fund. People buy less general insurance because they don’t know where to buy from, …

Four reasons why Indians buy such little general insurance
6 years, 11 months ago

Four reasons why Indians buy such little general insurance

Live Mint  

Insurance penetration in India is low, particularly for general insurance, which includes motor, health, property and liability covers. We buy about Rs750 of general insurance per person per year compared to over Rs6,500 in Russia, China or Brazil, according to a report by the International Monetary Fund. People buy less general insurance because they don’t know where to buy from, …

Four reasons why Indians buy such little general insurance
6 years, 11 months ago

Four reasons why Indians buy such little general insurance

Live Mint  

Insurance penetration in India is low, particularly for general insurance, which includes motor, health, property and liability covers. We buy about Rs750 of general insurance per person per year compared to over Rs6,500 in Russia, China or Brazil, according to a report by the International Monetary Fund. People buy less general insurance because they don’t know where to buy from, …

Four reasons why Indians buy such little general insurance
6 years, 11 months ago

Four reasons why Indians buy such little general insurance

Live Mint  

Insurance penetration in India is low, particularly for general insurance, which includes motor, health, property and liability covers. We buy about Rs750 of general insurance per person per year compared to over Rs6,500 in Russia, China or Brazil, according to a report by the International Monetary Fund. People buy less general insurance because they don’t know where to buy from, …

Discover Related