Year 2020 will be remembered for one big thing - bringing everything to a screeching halt - be it health or economy. September 28, 2020 saw India with over 60 lakh COVID cases and about a lakh dead. While majority is recovering from the virus, fresh cases to the tune of 80,000 to 90,000 every day is indeed a thing to worry. Life, like time and tide, waits for none and it is back on track despite the virus spreading like a wildfire.
Being a health crisis it has managed to wake the insurance sector up with a jolt witnessing a massive surge in the number of claims for COVID-19 treatment. According to ICICI Securities, just health insurers could end up receiving COVID-19-related claims worth more than ₹10,000 crore in 2020. A recent survey by Max Bupa, shows 71 per cent of the people are considering health insurance as a “necessity” as against 10 per cent, before the pandemic.
The pandemic has led to a rapid surge in demand for life, non-life and term insurance. Where there is no certainty of life, people are opting for term insurance to protect near and dear ones.
A data collated by insurance aggregator Policybazaar.com reveals more people going for term insurance with a cover of ₹1 crore or more to protect their families financially.
The report says, “Calculating data for those who bought ₹1 crore term cover, we found out that 50 per cent of the customers bought during April to August 2020. This reflects how people are investing in higher cover policies that are available at very affordable prices of around ₹1,000 per month only.”
Denne historien er fra October 2020-utgaven av Outlook Money.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra October 2020-utgaven av Outlook Money.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Here's How To Claim Tax Refund If You Missed The ITR Deadline
The Income-tax Act, 1961, allows the refund of any excess income tax deducted on your income beyond your actual tax liability.
26 Spiels You Should Not Fall For
We have a list of 26 traps that you should avoid in your journey to creating wealth
Unified Pension Scheme
The Union Cabinet approved the Unified Pension Scheme (UPS) on August 24, 2024, guaranteeing 50 per cent of the salary as assured pension for central government employees.
Unlocking Financial Freedom with Freedom SIP: A Beginner's Guide
Freedom SIP is the smartest way to finance your retirement because it allows you to ride the compounding rocket to build wealth, even by investing a small monthly sum.
Asset Allocation Strategy to Safeguard Against Market Fluctuations
Invest in different asset classes, such as equities, debt, gold, etc., so that if a particular segment doesn't perform in a given situation, others will come to the rescue.
The Role of Asset Allocation in Investing
A proper mix of asset allocation that aligns with investor's goals is key to the portfolio's long-term performance and reaching milestones.
Why Retirement Planning is Crucial in Life
Retirement planning is the key if you want a financially secure life in your sunset years.
IS SENIOR HOUSING FOR YOU?
Many seniors have taken refuge in senior living facilities in their twilight years as their children have moved abroad. While that may help them ward off boredom, they often come at a huge cost
WITH OR WITHOUT INDEXATION: WHEN DO HOMEOWNERS PAY LESS?
Calculating taxes under both methods-considering inflation and property appreciation-can yield a more precise result
Flexing Its Way Across Market Cycles
Very few funds meet investors' expectations of delivering superior returns across market cycles, and HDFC Flexi Cap Fund is one of them.