India's wealthy opt for term insurance policies worth Rs 5-20 crore: Report

High-net-worth individuals (HNIs) in India are increasingly opting for high-value term insurance policies, often worth Rs 20 crore or more, indicating a shift in financial planning and risk management. Rhishabh Garg, Business Head of Term Insurance at Policybazaar, attributes this trend to growing awareness among HNIs about the importance of comprehensive coverage. Major metropolitan areas like the National Capital Region, Pune, Hyderabad, and Bangalore have seen significant interest in these high-value policies. HNIs, classified into HNWIs, VHNWIs, and UHNWIs based on their net worth, face unique challenges including market risk, liquidity issues, and taxation complexities, making high-value term insurance crucial for managing substantial liabilities and business obligations.