India has been witnessing a rapid increase in the number of LUV insurance policies being offered to its citizens.
According to data from insurance company LTV Insurance, over the last five years, there has been a 20 per cent increase in policies being issued to citizens.
In comparison, a decade ago, there were only 3,500 LUV policy holders in India.LTV claims that there is a “massive rise” in the numbers of LVs under the umbrella of LTV’s premium insurance, which provides discounted rates to LVs that are bought by individuals.
“The premium policies have increased by about 10 crore from the last year.
We have a lot of policies under LTV, and it is very popular among the LVs.
Many LVs buy the premium policies for themselves, and have not used them before,” said Anupama Chahal, partner, LTV.”
There are also many LVs, especially those who have not had children, who are purchasing insurance from us,” she added.LUVs are among the most popular types of car insurance.
They have a lower rate compared to auto insurance, and offer a lower amount of coverage for an extended period of time.
“This is why we have seen a massive rise in the rates of LV insurance.
The policy holders are happy with these rates.
They are buying LVs on the basis of a cheaper policy, which means the policy holders can get a discount,” said Chahale.
In 2015-16, LUV premium rates were Rs 1,500 per year, according to LTV data.
In 2016-17, they were Rs 2,000 per year.
In the past few years, more and more LVs have been getting LTV insurance.
In 2016, more than 3,600 LVs were insured by LTV under the LUV umbrella.
A decade ago only 3.6 lakh were insured.
In 2017-18, the total number of policy holders has increased to 8,400.
“We have a very high demand for LVs in India, and this is the reason why we are seeing such an increase in policy holders.
We see people buying premium policies, and buying LV policies as a cheaper alternative.
LTV has become a very popular brand,” said Vibhav Dutta, senior vice-president, Loyalty.
Dutta said that as the market for LV policy holders is expanding, the premium rates have also increased, with premium rates increasing by around 30 per cent over the past five years.
He said that while LTV is popular among LVs because it offers a lower premium rate, it has become the preferred choice of other consumers, too.
“Our customers are not satisfied with premium insurance.
So we have had to increase our policy rates to compensate,” said Dutte.