30% people in Tier 2 & 3 cities currently own insurance policies; Motor insurance most common: Surve
30% of people in Tier 2 and Tier 3 cities currently own insurance policies, according to a recent survey conducted by BajajCapital.
Among the various insurance types, Motor Insurance emerges most common, with ownership of 60% for two-wheeler, 35% for two-wheeler insurance, and 5% for commercial vehicle insurance. Health insurance follows closely, with 40% having individual health insurance, 50% opting for family floater health insurance, and 10% owning critical illness insurance. Life insurance is owned by 60% of policyholders choosing whole life insurance/endowment plans, 30% opting for term life insurance, and 10% selecting unit-linked insurance plans (ULIPs).