New Delhi, Oct. 29 -- India's high net-worth individuals are purchasing higher life insurance coverage, with term insurance bookings in this segment doubling since April 2023 and the average sum assured rising 30%, according to Policybazaar data.

The data also shows that less than 5% of HNIs opt for term plan with return of premium (TROP), indicating that most prefer insurance primarily to protect their families financially rather than get their premiums back at maturity.

Many people buy term insurance to ensure their families remain financially secure in the event of their untimely death. A term insurance policy is an agreement between the insurance company and the policyholder for a fixed period, typically ranging from 10 to 40 years,...