Policybazaar's Rapid Offline Expansion in West Bengal Boosts Insurance Sales

Policybazaar's offline operations in West Bengal are booming, contributing 30% to total sales and growing at 60%. The company is expanding its presence, with term insurance being a key market. Educated, salaried individuals dominate policyholder demographics. The GST waiver is expected to further accelerate growth in the region.

Policybazaar has reported significant growth in its offline business operations in West Bengal, achieving a 60% growth rate and accounting for nearly 30% of total sales in the region. This was disclosed by Gaurav Surana, Deputy Vice President (East) Life Insurance at Policybazaar.

With a presence in at least 80 cities, the company has opened 15 offices and point-of-sale outlets across India in the last fiscal year. Surana highlighted that term insurance has become a significant player in the West Bengal market, contributing 26% to the policy count in FY'25.

The demographic of policyholders in West Bengal is predominantly educated and salaried, with graduates and above making up more than 80% of customers. Female participation has also risen, with women representing 11.7% of buyers in West Bengal. The GST waiver on insurance is expected to further drive growth.