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There seems to be a higher propensity to purchase insurance in tier-2 and 3 cities after the Covid outbreak.
According to a recent survey by Policybazaar, 80 per cent of respondents are ready to renew their policies and a significant 35 per cent of them are interested in increasing their coverage. In tier-2 cities, as many as 89 per cent are willing to renew their policies while 43 per cent are interested in widening coverage.
Term insurance is also gaining popularity among the insured, with more than half having a term policy. Also, over three-fourths of respondents have some sort of savings and investment. Here is a detailed look.
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