Emerging as a viral pathogen in December 2019, the corona virus has now strengthened its roots and spread across the globe. Considering the affected numbers, the World Health Organization (WHO) declared it to be a pandemic. To battle the crisis, India too, like most other countries had been under a state of lockdown permitting only the essential services to continue. While the lockdown has now lifted, the complete shutdown has affected the health, businesses, trades, and economies adversely.
People have often looked at insurance as only ‘Life insurance’ for the longest time in India. Particularly, the people living in smaller towns and villages where insurance is merely used as a tax-saving instrument for the working class. However, with Covid-19 in the picture, insurance has witnessed a shift in demand and supply. It has become a certainty for people to look for term plans and medical insurance in case of emergencies. Furthermore, this has created an increased demand for term plans with added benefits due to the state of urgency amidst the pandemic.
Due to the unpredictability of the current situation, people are further choosing insurance as a definite way of protecting themselves and their family.
With the crisis in our hands, there is a rush to increase the cover. Since life covers are largely an online market, one can easily predict a boost in its demand which is further amped up during the pandemic lockdown.
At this point, one can firmly say that the term insurance has finally come to a full circle and is opted to serve its core purpose of protection.
The augmented adoption of digital technologies during this period will see a change in the way consumers buy policies as well. While the digital transformation was already in progress the current situation has only accelerated the entire process. As people adjust to the new normal, term and life insurance is slowly turning pivotal for everyone to stay protected. To keep the competition alive, insurance providers will need to provide attractive benefits and relevant protection plans.
Lastly, at this point, the growth of the insurance industry is purely purpose-driven where it gains momentum based on the level of protection and benefit it provides. Harnessing good health and positivity, it’s time we stand together, and secure ourselves and our families.
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