Indians Opt for Bigger Health Covers, Longer Policies Post-GST Relief: Policybazaar

• Average health sum insured rose from Rs 14.5 lakh to Rs 19 lakh after GST relief on premiums, as per Policybazaar.
• Demand for Rs 10-25 lakh health covers increased by 47%, and for Rs 25 lakh and above by 85%.
• Buyers increasingly chose longer health insurance tenures, with 4-year and 5-year policies rising by 56% and 62% respectively.
• Term insurance demand grew 37%, with Rs 1 crore as the most popular cover, and motor insurance premiums surged 200% for EVs.
• Travel insurance became essential with 15% rise in issuance, and millennials led investment in long-term retirement products.

Why It Matters: Post-GST relief, Indians are upgrading to higher health covers and longer policies, reflecting evolving financial behavior.