Policybazaar sells sum insured of ₹7 lakh crore in 9 months
2 min read 27 Jan 2021, 04:19 PM ISTOnline insurance aggregator sold four lakh health insurance policies, covering 10 lakh lives. This represents a growth of nearly 150% in terms of total sum insured sold and 60% jump in lives covered against the first nine months of the previous fiscal (FY20).
PremiumOnline insurance aggregator Policybazaar on Wednesday said it has sold four lakh health insurance policies amounting to a total sum insured of over ₹7 lakh crore during the first nine months of the ongoing financial year (FY21).
During the period, Policybazaar sold four lakh health insurance policies, covering 10 lakh lives, the company added. This represents a growth of nearly 150% in terms of total sum insured sold and 60% jump in lives covered against the first nine months of the previous fiscal (FY20).
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The average ticket size of the policies sold during April-December was about ₹20,000.
According to the company, the rise in demand for health insurance came on the back of better awareness in the aftermath of the covid-19 pandemic, higher sum insured products and flexible payment options.
“This milestone is a clear reflection of the immense trust and faith that people have in the Policybazaar brand. We always put the needs and requirements of a customer ahead of everything else. This helps us build healthy lifelong relationships with our consumers, which start from selling a policy, but last a lifetime as we help them with service requests, renewals and most importantly in getting their claims approved speedily," Sarbvir Singh, chief executive officer, Policybazaar, said in a release
During April-December, Policybazaar saw over one crore visitors, of which 65% were less than the age of 40 years, 25% were between the age group of 40-60 years and 10% were above the age of 60 years.
The buying pattern on the platform also showed that high sum insured coverage has become critical with multiple products available in the ₹1 crore sum insured segment. The ability for customers to pay for insurance in instalments such as monthly, bi-monthly or quarterly has also contributed to the growth in the insurance business.
As a relief from steep one-time premium payouts during the pandemic, the Insurance Regulatory and Development Authority of India (Irdai) in April last year had asked insurers to offer the equated monthly instalment (EMI) facility for all health insurance policies.
According to Policybazaar, the pandemic also negated the myth that people with pre-existing ailments cannot buy a health insurance policy. “We observed that of all the health insurance policies sold, the share of policies bought by those with pre-existing conditions was 30%, with most common illnesses being diabetes at 40% and hypertension at 25%," the company said.
