Term Insurance Adoption and Financial Literacy are Rising in West Bengal

News Desk, News Nation 360 : Ahead of the Durga Puja festivities, Policybazaar, one of India's top online insurance platforms, conducted an exclusive press conference in Kolkata to highlight important patterns in West Bengal's term insurance buying habits. Gaurav Surana, Regional Head (East), Life Insurance, Policybazaar.com, led the event. He discussed the major trends influencing a change in consumer behaviour, including a rise in term insurance awareness and uptake. West Bengal has proven to be a robust market for term insurance, with steady year-after-year growth as the state accounts for 26% of all policies sold in FY 2025. Customers here are inclined toward higher coverage, with the average sum assured at ₹86.6 lakh, and the same is a bit higher at ₹96.7 lakh in Kolkata, a sign of growing awareness about long-term financial planning. Educated and salaried clients drive policy uptake, with 80.1% of West Bengal buyers and 84.2% of Kolkata buyers being graduates and higher, both above the national average of 78.6%. Salaried buyers represent 74.8% of West Bengal policyholders and 79.2% of Kolkata policyholders, again above the pan-India average of 70.5%. Self-employed individuals also account for a significant proportion, 20.6% in West Bengal and 17.9% in Kolkata, which is higher than the overall level of 17.6%. Young adults are financially aware at an early age, with more than 31% of policyholders aged below 30 and approximately 54% aged between 30 and 40 years in both Kolkata and West Bengal. Women's involvement is slowly improving, representing 11.4% of policyholders in Kolkata and 11.7% in West Bengal during FY 2024–2025, indicating enhanced financial inclusion. Policybazaar serves these consumers by delivering guidance, comparison capabilities, and claims support, ensuring a well-informed and smooth insurance process based on unique requirements.

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