75% of health insurance buyers in India have less than ₹10 lakh coverage

Lack of awareness is still the biggest stumbling block in insurance adoption in India, and around 47.6 per cent of Indians remain unaware of term insurance and its benefits, a new report has shown. Term insurance has grown by 18 per cent in FY24 across the industry as compared to a CAGR of just 2 per cent over the past five years, reveals the report by Policybazaar, titled ‘How India Buys Insurance 2.0’. The survey found that 56 per cent of respondents who are aware of term insurance have a positive attitude toward purchasing it. The report is based on a survey of 3,955 respondents across 27 metros, Tier-2, and Tier-3 cities in India.