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PolicyX.com- One of India's leading online insurance web aggregators has launched India's first and foremost insurance price Index. The price index will allow users to have a transparent & better view of insurance prices by observing the shifts & trends in the premium price. PolicyX.com claims to achieve this by using the concepts of indexing & basic statistics.The index will track prices of health insurance and term insurance from leading insurance compes in India and provide analysis and trends through data analytics.The first report claims that the prices have remained stable in the last quarter for both health and term insurance. The index will be updated on a quarterly basis.The initial report throws some interesting insights as follows:The average term insurance premium increases exponentially with age. Average premiums for a 55-year-old is 85 per cent higher than a 45-year-old, likewise, premiums for a 45-year-old is 70 per cent higher than a 35-year-old while the premium for a 35-year-old is 45 per cent higher than a 25-year-old. The average premium is computed considering both male and female persons and also smokers and nonsmokers.The other interesting insight is that insurance compes perceive the male insured risk to be higher than females. The average cost of male insured is 21 per cent higher than for female insured for a term plan.Smoking plays a very critical part of the risk premium. The data shows that there is a huge difference in risk associated with a smoker vs a non-smoker. On average, a smoker pays 55% extra compared to a non-smoker. This might very well highlight the importance of habits on the perceived risk of mortality.Term insurance prices have decreased substantially over the last few years in India but have started increasing since 2020. However, the index data is collected starting the 4th quarter of 2020. We will have a clear picture of the trends once we have data for a few more quarters."We commend PolicyX.com for introducing greater transparency for insurance customers in India with the industry's first price index. PNB MetLife is committed to customer centricity and we're excited the index will support customers in choosing a policy that is fit for their needs while delivering value for money," said Sameer Bansal, Chief Distribution Officer, PNB MetLife India Insurance Company Limited.For a detailed report on Term Insurance Price Index click here:In Health insurance Price Indexing, PolicyX.com was able to determine that at the time of purchasing the health insurance policy, The number of family members covered in policy directly affects the premium prices. Adding an adult member does not increase the prices proportionately highlighting the fact that family floater plans are more economical than buying two separate policies. There is a little increase in premium on adding children to the policySpeaking on the initiative, Mehmood Mansoori, President Shared Service and Online Business, HDFC ERGO said, "This is an interesting initiative by PolicyX.com. Quarter on quarter tracking of how the price of health insurance is moving will definitely throw some interesting insights for the consumers as well as industry participants."For a detailed report on Health Insurance Price Index click here:Naval Goel (CEO & Founder of PolicyX.com) said, "We are excited to announce the launch of India's first insurance price index. It is a new concept for India. As a thought leader in the Insurance space, we plan to bring some interesting insights and data analytics through this report every quarter for the consumers and industry participants."This story is provided by BusinessWire India. will not be responsible in any way for the content of this article. (/BusinessWire India)( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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