After the outbreak of the Covid-19 pandemic, there is a newfound realization of the importance of having a life insurance. As reflected in the IRDAI data, both the number of policies and the amount of premium have gone up in recent times.
Compared to September 2020, for the month ending September 2021, the number of policies sold by the insurance industry increased by 14.4% and the sum assured too increased by 27.4%.
The above numbers show that the outlook towards life insurance has started to change. In an encouraging development, consumers today are realizing the importance of term insurance plans as a tool for life protection.
The scenario witnessed in the country during the second COVID-19 wave also increased the awareness level about the importance of term insurance plans.
And why shouldn’t it, life insurance is a tool that ensures the family has financial resources to fall back upon when the bread earner is not around.
