A global pandemic has certainly changed the way we lived our lives. It has also affected the ways businesses operated all across the world, and the insurance industry is no exception to it. From covering the people affected by the disease to settling the claims made towards it, the insurers now heavily rely on their digital infrastructure.
Let us take a closer look at how the pandemic has affected the insurance industry in India –
Life Insurance
During these tough times, people are rushing to buy life insurance or increase the coverage of their existing policies. Because of this, the sector has seen a boost in product demand in the market. While it is good to have realized the impact of such a situation on yours and your family’s future, choosing the right kind of policy is a must.
More and more people are seeking term insurance plans to protect the financial future of their loved ones. But when buying a term plan in India, one needs to take into consideration their current financial situation, expenses, and future financial goals.
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This will help in understanding the coverage needed and any rider benefits that one can opt to enhance the scope of the policy. It would be best if you made use of a term insurance calculator tool to determine the premiums of the policy before buying it.
Health Insurance
The Insurance Regulatory and Development Authority of India (IRDAI) has issued a memorandum to the insurers in India to cover the expenses and treatment cost of the virus under its health plans. While the number of claims made for the disease does not really affect the insurers financially, a surge in the cases can certainly do the damage.
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However, the fear of the pandemic has pushed people into buying health insurance plans for themselves and their family members. In such times, the issue is the lack of details on the applicants’ profiles, morbidity rate, and cost of the treatments one may require – aspects that help determine the premiums of the health plan.
General Insurance
A significant portion of the insurance industry is dependent on sectors such as automobiles, travel, hotel, and infrastructure. Since the pandemic has certainly affected these sections, it could create additional issues for the insurance sector in the coming days.
A nation-wide lockdown and dip in the stock market have severely impacted the motor insurance section. Since money is tight, the process of renewing motor insurance is delayed, and the sale of new cars has been minimal as well. To return to normalcy, it might take a while, but the production of new vehicles is gradually getting back on track.
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The Bottom Line
The pandemic has certainly pushed the insurance industry to make changes in their marketing and product strategies over the last few months. While people are settling to the rules of the new normal, the importance and need of insurance products in the market will decrease but not be eliminated.
