Policybazaar’s continued investment in driving awareness on the need for term insurance and the on-going Covid-19 pandemic has helped narrow the world’s largest protection gap, which is in India. Nearly 44 % of customers pan-India are currently covered by a term life insurance plan, revealed an online survey conducted on Policybazaar’s app visitors.

The findings are part of a survey conducted by Policybazaar.com India’s largest online insurance marketplace, to understand consumer perception and gauge their ownership level for the term insurance category.

Policybazaar.com surveyed more than 22,726 insurance buyers who used the company's mobile application between September 10 and 25, 2020.

Unlike in the past, insurance has now become a product that consumers are more likely to buy without the need for a big sales push. The survey findings revealed that 50% of the customers have bought term policies with a cover of 1 crore and above to financially protect their loved ones. This indicates how individuals are aware of their protection needs & are investing in higher cover policies that are available online at affordable prices i.e. at a monthly premium as low as Rs. 1000-1200.

On the survey, Sarbvir Singh, CEO, PolicyBazaar.com said, “It is heartening to see consumers greater acceptance of Term Life insurance policies. In tough times like these, it is even more important for consumers to compare different brand propositions before buying an insurance product as important as term life insurance.