Archive · 23 Sep 2026
More Buyers Choose ₹1 Crore-Plus Term Insurance After GST Relief
More people are buying term insurance policies worth at least ₹1 crore.
This change happened after GST relief, according to a Policybazaar report.
Wealthier customers and non-resident Indians are increasingly choosing covers of ₹3 crore or more.
However, ₹1 crore may not be enough for every family.
The right amount depends on income, loans, dependants and future goals.
Families should also consider inflation because future costs may rise.
Existing savings and insurance should be included when calculating the required cover.
Younger people, women and buyers choosing extra policy benefits are also becoming more active in the market.
More than half of term insurance buyers now select cover of ₹1 crore or more, according to a Policybazaar report.
Among high-net-worth individuals, the share choosing ₹3 crore-plus cover increased 32% after GST reform.
The corresponding share among non-resident Indians rose 35% during the post-GST period.
Rider adoption increased 13%, led by Accidental Death Benefit and Waiver of Premium riders.
Female adoption grew 27% faster than male adoption, while buyers aged 18–25 recorded 20% higher growth than other age groups.
- Who
- Term insurance buyers, including high-net-worth individuals, non-resident Indians, women and younger consumers.
- What
- Buyers are increasingly choosing higher term insurance cover and adding policy riders after GST relief.
- When
- After GST reform, during the report’s post-GST period; no specific dates are provided.
- Where
- The term insurance market covered by the Policybazaar report; no specific location is stated.
- Why
- GST relief is associated with changing buying behavior, while buyers are seeking greater protection against income loss, debt and future financial needs.
- Popular cover
- More than half of purchases are for ₹1 crore or more.
- High-net-worth individuals
- The share choosing ₹3 crore-plus cover increased 32%.
- Non-resident Indians
- The share choosing ₹3 crore-plus cover increased 35%.
- Rider adoption
- Adoption rose 13%, led by Accidental Death Benefit and Waiver of Premium riders.
- Women buyers
- Female term insurance adoption grew 27% faster than male adoption.
- Young buyers
- The 18–25 age group recorded growth 20% higher than other age groups.
- Cover assessment
- Adequate cover should account for liabilities, income replacement, dependants, future goals, inflation, investments and existing insurance.