Life insurance becomes a priority for people as concerns about the Covid pandemic grow

Last updated on December 28th, 2021 at 04:47 am

The Danger of the Covid-19 pandemic is making people reconsider their life decisions as the pandemic is impacting the world. People are growing increasingly concerned about their future.

Life insurance is something that people are relying on as it was seen that in India, the economy might have registered record negative growth, insurance penetration grew by an impressive 11.70 percent which is 3.76 percent in 2019-20 to 4.20 percent in 2020-21.

The compiled data revealed that the illness is deeply impacting the mental and physical health of people which is making the shift to getting affirmations through life insurance. The penetration of the life insurance sector rose from 2.82 percent in 2019-20 to 3.20 percent in 2020-21.

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The report released by the Insurance Regulatory and Development Authority of India (IRDAI) claimed that the non-life insurance penetration grew from 0.94 percent to 1 percent during the same period.

However, due to lockdown, India’s GDP growth declines by 7.3 percent in 2020-21. The lockdown had greatly impacted the businesses of the country.

India has been operating with the liberalized concept since 2000 and in these 20 years, the insurance industry of domestic general insurance has reached the level of one percent. This comes as an essential concept for setting an important milestone for the sector which is also promoting the growth during the pandemic.