Term insurance ownership up in 2 years: Survey

Indians are buying more term plans now as term insurance ownership has gone up to 43 % from 39 % last year, revealed the India Protection Quotient (IPQ) survey 4.

This is despite life insurance ownership remaining unchanged at 78, signifying the fact that consumers are now diversifying their insurance holdings and building a holistic portfolio.

The term insurance ownership has gone up from 36 % to 43 % in two years’ time. The increase in term insurance ownership is despite life insurers having increased term insurance premiums significantly in the past two years. This is on the prodding of reinsurers because of the worsening mortality experience.