Index shows 47.75% premium surge in India post-COVID

Male Indian policyholders continue to pay 20.12% more than female buyers.

Term insurance premiums in India have risen by 47.75% cumulatively in the first quarter of the year since Q4 2020, PolicyX.com’s data showed.

This growth reflects changes in underwriting practices and increased mortality-related risk assessments following the COVID-19 pandemic.

PolicyX.com, India’s IRDAI-approved insurance comparison platform, has released its Q1 2025 Term Insurance Price Index, showing a 3.36% increase in average term insurance premiums this quarter. 

The rise aligns with the ongoing long-term pricing trend seen in the Indian term insurance market.

The index is based on real-time data from more than 15 insurers and thousands of user queries.

Male policyholders continue to pay 20.12% more than female buyers for the same coverage and age group. 

A 25-year-old smoker pays 67% more in premiums than a non-smoker, and delaying policy purchase by 10 years can lead to an 82.92% increase in costs.

PolicyX.com has also noted shifts in consumer behaviour. 

Younger buyers and first-time applicants, especially millennials, are securing coverage earlier and opting for higher sum assured amounts, indicating a growing focus on long-term financial security.