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Policybazaar
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
Regulator Irdai has imposed a Rs 5 crore penalty on Policybazaar Insurance Brokers for certain lapses and also cautioned against violating insurance norms. Policybazaar Insurance Brokers was earlier known as Policybazaar Web Aggregator. Insurance Regulatory and Development Authority of India (Irdai) has also issued direction, advisory and caution to the company, according an official statement. The regulator said a penalty of Rs 5 crore has been impose on M/s Policybazaar Web Aggregator Pvt Ltd (now known as 'M/s Policybazaar Insurance Brokers Pvt Ltd') along with direction, advisory and caution for various violations" established under Insurance Act, 1938 and Rules and Regulations. Policybazaar was founded in 2008 and has sold over 42 million policies since inception.