What caused the dramatic increase in insurance purchases among teenagers?

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When India peaked in the second wave of the pandemic in April and May, the number of people aged 25 to 35 with emergency insurance was 30% higher than the previous three months combined. PolicyBazaar, India’s largest online insurance aggregator. Many other 20-year-old from India delayed purchasing life insurance.

 Coutinho, the 24-year-old head of a public relations firm in Mumbai, said: “I have seen people of my age die so that created an urge to buy an insurance policy and save myself and manage the financial losses.” I do not want my family to fall into any financial crisis if something happens to me. It is a situation where they must fight for money. “According to official data, the number of deaths caused by COVID-19 is 380,000.

 According to PolicyBazaar, although experts say that India’s data is severely underestimated due to the low detection rate of the virus, and when the catastrophic second wave of the pandemic entered in India in April and May, India may have more deaths than anywhere else in the world, the world’s largest online insurance aggregator.

India’s largest term life insurance purchases through online insurance aggregators have increased by 70%. Compared with March, insurance companies did not disclose how many plans they sold, citing commercial Confidential, but reports say there are “thousands.” Niraj Shah, CEO of Shah’s financial company, said that the currently ongoing pandemic has created a general awareness among the people about how important it is to have an insurance plan because the 35-year-old The following age groups have increased demand for protective products.

About 15 months ago, this epidemic first hit India. Industry executives said that even after the second wave of infections affected many, inquiries about insurance plans have increased much. This may be due to India’s slow start under the huge challenge of population vaccination, and the prospects for the third wave of infections are bright. But still, the concept of insurance is not that widely spread in rural areas of the country. Many youngers have started taking interest in knowing how to protect their lives and family from any uncertain illness which might take up a lot of savings.

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