In a survey conducted by Swiss Re in India, 80% of respondents are willing to pay more for term life insurance cover.
The study was done in eleven Asia Pacific markets, covering 13,800 users between the age group of twenty and forty.
The study showed that approximately 78% Indian respondents are planning to purchase health or life insurance products in the coming twelve months.
The survey also found that Indians find Life insurance is not high-priced as is the common perception and Indians can afford to buy it.
It was also found that Indian insurers are more into investment products than protection plans and lack of customized products was another problem.
Insurance penetration in India is very low; it is 5.1%, in which life contributes 4.4% and 0.7% is from non-life.
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