Policybazaar reports 60% offline growth in West Bengal insurance sales

Insurance broker Policybazaar on Wednesday said its offline business in West Bengal was growing at 60 per cent and made up nearly 30 per cent of its total policy sales in the state.

The company, which has a presence in at least 80 cities, opened 15 offices and point-of-sale outlets across the country last fiscal, an official said.

"Offline sales are picking up fast for Policybazaar, and already account for about one-third of our business in Bengal. The growth will be around 60 per cent, and we expect to maintain the traction," said Gaurav Surana, Deputy Vice President (East) Life Insurance at Policybazaar.

West Bengal has emerged as a key market for term insurance, contributing 26 per cent of the overall policy count in FY'25, he said.

He said that the GST waiver on insurance will further boost growth.

Surana said educated and salaried customers form the bulk of insurance buyers in West Bengal.

"Graduates and above make up 80.1 per cent of policyholders in Bengal, higher than the pan-India average of 78.6 per cent. Salaried individuals account for 74.8 per cent of policyholders in the state, also above the national average," he said.

A large share of policyholders are young, with 31.8 per cent below 30 and 53.9 per cent in the 30-40 age group, he said.

"Female participation, though still modest, has also improved, with women making up 11.7 per cent of buyers in the state and 11.4 per cent in Kolkata in FY'25," he added.

Surana said health and term insurance policies continue to account for the lion's share of sales on the platform.