People choosing higher life insurance covers, premiums rose 43% in 5 yrs: Govt

People opting for life insurance are increasingly choosing policies offering higher sum assured amounts, the Insurance Information Bureau (IIB) said. It added that average annual premium per policy increased in the last five years by 43%, from ₹15,567 in FY21 to ₹22,195 in FY25. IIB further said policies offering more than ₹50 lakh cover saw a 68% rise.