According to the insurance company Policybazaar.com, the recent statistical data shows that many families are now in the situation to go for a value of 1 crore or more than a crore term plan insurance to safeguard their kith and kins, as the COVID situation has more effect on the health issues which in turn has created an awareness in investing in the insurance policies.
The insurance companies stated that from April to August 2020-21, half of their clients have opted for a term plan with a value of 1 crore.
As per the statistics taken based on the period of April to August 2020-21, about 50% of the customers have purchased insurance with a term plan for 1 crore. Most of these insurance products are purchased at an affordable price.
Right now, one in four insurance companies is being sold by Policybazaar.com itself due to the COVID situation.
The people are now in the process of buying more and more insurance plans to create a safe financial hand to protect their families because of the effect created by the COVID situation and also the initiatives are taken by the Insurance Regulatory and Development Authority of India.
The insurance firms also stated that below the middle-aged people i.e. 30% of them within the age of 30-35 years holds the largest proportion of insurance policies whereas the old aged people within the age of 42-50 years have bought 70% of insurance plans in the year of 2020.
More than 80% of the people have opted for a term plan for 1crore, in which insurance plans for Rs. 2 to 5 crores have been purchased by 25% of the people, according to the calculation of the HNI segment.
In this pandemic situation, the insurance plans are widely obtained by the self-employed persons to safeguard their futures. As per the recent data, 40% of the self-employed persons went for a plan with the worth of 1 crore plan whereas 41% of the same have acquired plans worth 50 lakhs.
The insurance firms have also added that, while 10% of the customers chose for Rs. 2 crore plan and 40% opted for 1 crore plans, the remaining 50% of its customers purchased Rs. 50 lakhs cover plan.