Topic 1: How COVID-19 Has Made Life Insurance Even More Important Now:

Covid-19 has proved to be a “Penny Dropping Moment” for customers of the Indian insurance industry as they are now more appreciative about the value of life insurance. Prior to this pandemic, even educated elites had been procrastinating the purchase of life insurance. And even when they purchased, the insurance cover had always been grossly inadequate. This mindset is probably changing now and customers are now looking for protection products. Life insurance should be purchased by each and every person.

But many young people consider themselves reasonably healthy and strong and do not think they require the support of an insurance plan at the prime of their life. The irony of life is that some diseases like Covid-19 do not spare even the fittest and the healthiest among us.

The health ministry has reported that 48.8% of deaths due to Covid-19 are of those below 60 years of age. That shows how vulnerable even the young population is to Covid-19. Nobody knows when life will spring a nasty surprise on us. People are slowly coming to terms with this reality of life. That is good for them and for their near and dear ones.

Innovative insurance products:

The best option is to take both term and savings-oriented products together. In savings oriented endowment policies, you can get money at periodic intervals or whenever you need the money, in the form of policy loans. You can repay the loan as and when your economic condition improves. In the absence of such safe arrangements to avail loan, the poor may be forced to borrow money from local money-lenders at high interest rates.

Hence to cope with such critical condition, the need of opting for a Life Insurance policy has become crucial and very important for a secured and safe life. For more details contact your advisor today.
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