Yuva - India

People turn to Life Insurance in COVID-19 times

The 2nd wave of COVID has cost many lives.  While many people are still fighting to get over their personal loss, others have felt the shadow of an uncertain future hover over them. Speculations about how long would the virus stay, how the post-COVID world would behave made people rush to get the insurance companies to get their life insurance done.

 Saurav Jha, an engineer who earned his campus placement in the year 2019 tells Goa Chronicle “Was already being asked by my parents to get the insurance done. However, thought to do it once I settle down finally as I wanted to live and experience life. But then Corona happened”.

Talking to few more people who are new into the Industry, we found out that Corona cases have turned the partying generation into a concerned one, where they are concerned about their family and consider it as a priority.

 Mr. Dubey, who is an Insurance Agent said that the number of people contacting him to know more about the ‘plans’ has gone up exponentially since 1st half of 2020. Although confidentiality didn’t allow companies to reveal the actual figure, the acceptance of spike in buyers was from all sides.

Pic Credit- globaldata.com

It is not only the life insurance sale that has gone up. People are also going to get their health insurance due to high hospital charges during such times. Many private hospitals didn’t follow the cap governments put on the charges. There were reports that many private hospitals in Delhi even demanded lakhs on a per-day basis for getting hospitalized. Apart from this, COVID being contagious has mostly affected more than one member in a family living closely. Therefore, in such extreme scenarios, it is an intelligent decision to rid oneself of the added burden of the cost of treatment if time demands so.

Pic Credit- livemint.com

Getting oneself and one’s family insured gives a sense of financial security. Generations of Indian have prioritized saving money. However, following the concept of the west lately, newer generations are more into ‘living in the moment’, choosing to spend their earnings on travelling, partying, etc. COVID locking people inside their homes now is also a reason why money is being put to attain the mental peace one gets after the realization that they have saved for their family and themselves.

Meanwhile, in times of lowering GDP, at least the insurance market seems promising towards adding value to the Gross Domestic Product of the nation. It is not only at the present that the insurance penetration contributed around 3.7% of the GDP but even the future holds great prospects. This is surely a win-win situation for the newly aware citizens securing their future and the market thus making the insurance sector one of the very few having the potential to contribute positively to India’s growth in times of crisis. ‘Better to be sure than sorry’ is indeed a new lesson this pandemic has taught us.

DISCLAIMER: This article reflects author’s view point. Goa Chronicle may or may not subscribe to views of the author

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