Like most young people in their 20s, Beverly Coutinho, an Indian citizen, has also put off buying life insurance. However, the outbreak of the corona virus and deaths from Covid-19, made Coutinho start to be compelled to buy life insurance.
“I saw people my 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. This figure is the third highest in the world after the United States and Brazil.
However, many experts doubt the number of positive Covid-19 cases in India due to the low number of coronavirus testing and more people are more likely to die from Covid-19 in India than any other country.
According to PolicyBazaar, when India was hit by the second wave of the coronavirus outbreak in April and May 2021, Indian youth aged 25 and 35 who bought life insurance rose 30 percent compared to the previous three months.
InsuranceDekho admitted that their life insurance sales figure 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 current amount of protection available is insufficient,” said Niraj Shah, Chief Financial Officer of HDFC Life Insurance.
Shah explained that since the outbreak of the corona virus in India, his party saw a greater demand for protective products by people under the age of 35.
Insurance purchases 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.