Policybazaar shares key trends in term insurance purchase behaviour across Bengal
Kolkata: Online insurance platform Policybazaar on Wednesday highlighted key trends in term insurance purchase behaviour across West Bengal during a press meet held in Kolkata.
Gaurav Surana, Regional Head (East), Life Insurance, Policybazaar.com shared key trends shaping a significant shift in consumer behavior, with an increasing awareness and adoption of term insurance.
Gaurav Surana said, “Kolkata is witnessing a notable surge in high-value term insurance adoption. Consumers across the city and in the state of West Bengal are becoming increasingly financially aware and are prioritizing the protection of their families against life’s uncertainties. This growing consciousness has led to a steady rise in term insurance purchases. At Policybazaar, we remain committed to supporting our customers throughout their insurance journey, right from policy discovery and comparison to purchase and claims assistance.”
Visible uptake in term insurance policies: West Bengal has emerged as a promising market for term insurance, with a steady year-on-year growth in the number of policies purchased. West Bengal has shown particularly strong momentum, contributing a substantial share of 26% to the overall policy count in FY 25.
High sum insured preferences: Consumers in West Bengal are opting for higher coverage amounts to safeguard their families against financial uncertainties. The average sum insured in West Bengal stands at approximately ₹86.6 lakh, with Kolkata slightly ahead at ₹96.7 lakh. While still on the lower side of the spectrum, this is reflecting a growing understanding of long-term financial planning.
Educated and salaried customers lead the charge: In West Bengal, graduates and above made up 80.1% of buyers, while in Kolkata, the figure was even higher at 84.2% in FY 2024-2025. Both these figures exceeded the national figure of 78.6% customers who are graduates and above. Salaried individuals accounted for 74.8% of policyholders in West Bengal and 79.2% in Kolkata, which are higher than pan India average at 70.5%.
Self-employed customers also occupy a higher proportion. In West Bengal, 20.6% customers are self-employed and 17.9% in Kolkata, which is higher than the pan India figure at 17.6%. These figures highlight the role of financial literacy and employment stability in driving insurance adoption.
Young adults show early awareness: A significant proportion of buyers in both Kolkata and West Bengal are under the age of 40. In Kolkata, 31.2% of policyholders are below 30, and 53.7% fall in the 30–40 age bracket. This indicates a proactive approach to financial planning among younger consumers. In West Bengal, 31.8% of policyholders are below 30 years of age, and 53.9% are between the age group of 30-40 years.
Term insurance adoption amongst women increases: While male buyers continue to dominate, female participation is gradually increasing. In FY 2024–2025, women accounted for 11.4% of policyholders in Kolkata and 11.7% in West Bengal, reflecting a positive shift in financial inclusion.
Policybazaar continues to empower consumers with the right assistance, information, and support to make informed insurance decisions. From policy comparison to claims assistance, the platform ensures a seamless experience personalized to individual needs.
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