Corona Virus, Young People in India Buy Life Insurance

UMMATIMES - Like most young people in their 20s, Beverly Coutinho, an Indian citizen, has also been delaying buying life insurance. However, the corona virus outbreak and deaths from Covid-19, made Coutinho start to be compelled to buy life insurance.

“I saw people the same age die, which prompted me to buy life insurance as soon as possible. I don't want my family to be in a desperate situation of finding funds if something happens to me," said Coutinho, 24.

The death toll from Covid-19 in India has crossed the 380,000 mark. That number is the third highest in the world after the United States and Brazil.

However, many experts doubt the number of positive cases of Covid-19 in India due to the low number of corona virus testing and more people who are more likely to die from Covid-19 in India than other countries.

According to PolicyBazaar, when India was hit by the second wave of the coronavirus outbreak in April and May 2021, young Indians aged 25 and 35, who bought life insurance rose 30 percent compared to the previous three months.

InsuranceDekho admitted that their life insurance sales figures in May 2021 rose to 70 percent compared to March 2021.

"The current Covid-19 pandemic has sparked high awareness of the need for financial protection and the insufficient amount of protection currently available," said Niraj Shah, Chief Financial Officer of HDFC Life Insurance.

Shah explained that since the coronavirus outbreak occurred in India, his party has seen a greater demand for protective products by people under the age group of 35 years. Purchases of insurance are currently still high despite the possibility of a third wave of the corona virus outbreak in India slowing down because the Indian Government has started to immunize the public with the corona virus vaccine.