Find Out Why Is Everyone Talking About Life Insurance

Why is everyone talking about Life Insurance? Click to find out!


Covid 19 has spread like wildfire throughout the world, and with no vaccination presently available, the future appears bleak. COVID 19 has already affected over 6 million people worldwide in the last several months, and the figure is expected to rise significantly.

There is no doubt that the coronavirus epidemic has taught us many important lessons, one of which is how financially vulnerable we are.

The future is unknown, and anybody can get infected with this virus. During such unforeseeable circumstances, it is necessary to reconsider one’s life insurance plans and the insurance coverage that these policies provide.

If a person does not have an insurance policy or does not have enough coverage in his current policy, he should consider purchasing another insurance policy.

Impact Of Covid-19 On The Insurance Industry

While the coronavirus has had a significant impact on the insurance industry as a whole, the life insurance market has been remarkably unaffected. There has been no sign of life insurers withdrawing from the market, rates have remained stable, and COVID-related claims have already been paid.

Life insurance is still widely available, and policies – whether new or old – will cover coronavirus.

As a second wave spreads throughout India, life and health insurance firms are reporting a significant increase in health claims due to Covid. Fourteen non-life insurers have received 1.48 million claims worth Rs 22,931 crore as of May. So far, they have resolved 1.23 million claims totalling Rs 11,784 crore.

In the last month, insurers received 466,498 claims and settled 366,306 of them. In absolute terms, more than 83% of claims have been resolved, whereas just 51.38 per cent of claims have been closed in terms of value.

Best Life Insurance Plan In India During Covid

If you reside in India, you might consider getting a life insurance plan to safeguard your family from financial hardship during the outbreak. When purchasing insurance for the first time, you should educate yourself upon several available policies to assist you in making types of policies available to assist you make the best selection.

1. Canara HSBC Oriental Bank Of Commerce – iSelect Star Term Plan

iSelect Star Term Plan is a life insurance plan offered by Canara HSBC Oriental Bank of Commerce. It is an online term insurance plan that provides a Life Insurance plan, terminal illness coverage, and accidental death/disability coverage.

iSelect Star Term Plan provides a variety of alternatives such as whole life coverage, spouse coverage in the same policy, different premium payment options such as short tenure such as 5 or 10 years, as well as the ability to pay during your working years, i.e. until you reach the age of 60.

2. SBI Life-eShield

The policy provides four plan alternatives, from which you may select the best one based on your needs. It is the best term life insurance plan coverage for your family, and you can apply for it online without any hassle. This insurance provides features like renewability, a minimum sum promised of 20 lakhs, surrendering capability, a free-look time, etc.

3. Aditya Birla Sun Life Term Plan

Aditya Birla’s term insurance coverage enables you to offer financial security for your family in the event of an unexpected event. There are several varieties, and you may compare them online to choose the best one for you.

The lowest sum insured is Rs 30 lakhs, while the highest amount is unlimited. The insurance includes characteristics such as an integrated terminal sickness feature, tax benefits, joint life protection, growing term assurance, and so on.

4. Kotak Term Plans 

Kotak term plans are among India’s Making types best term life insurance plans since they provide enticing features and advantages. Some of these are the step-up option, the step-down option, death benefits, critical sickness benefits, tax benefits, and so on.

The insurance has a minimum period of 5 years and a maximum duration of 40 years. Depending on your preferences, you can pay the premium monthly, quarterly, half-yearly, or annually.

5. Bajaj Allianz iSecure 

Policy terms are available for 10, 15, 20, 25, and 30 years. The guaranteed sum is less than Rs 20 lakhs. It provides plans for smokers, nonsmokers, and preferred nonsmokers. You can even receive discounts on premium plans, demonstrating ways to drastically decrease expenditures. At the same time, while purchasing a policy online, you should carefully read the terms and conditions.

6. Aegon Life iTerm Insurance Plan

It is an essential life insurance plan that focuses on several financial elements, allowing you to give high-level security to your family. This plan provides benefits like advanced payment, rider coverage, surrender facility, tax exemption, and so on.

The minimum sum insured by this plan is Rs 10,00,000, and you can choose it according to your income and other factors.

LIC e-Term

The LIC e-Term insurance plan allows you to safeguard your family from financial hardship in the event of an unexpected death or other issues. This plan’s enrollment age ranges from 18 to 60 years. To protect your family from unforeseen costs, you may apply for this coverage online. The premium rates may differ based on the plan, and you may see the details before purchasing online.

Tata AIA iRaksha Supreme 

Tata AIA iRaksha supreme is suitable for you since it has a life-stage option feature that expands your coverage. When you choose a greater level of protection, you will receive discounts. Aside from that, the policy includes a comprehensive health rider, and you may choose one or more benefit choices from a list of available options.

Wrapping It Up


The COVID-19 pandemic has forced people all across the world to adapt to a new reality. We have seen the economic and social order being restructured. The pandemic outbreak has made us recognise the necessity of protection and with the new tax slab policy in India, there has been a significant shift in terms of how insurance is perceived in India.

In addition to this, customers’ perceptions of life insurance plans have shifted due to their personal awareness about the uncertainties of  life and what the future holds.

During these unusual times, financial concern was also common, which resulted in a significant increase in client interest in purchasing protection-based insurance products. As a result, the pandemic has prompted customers to investigate their choices and select appropriate life insurance plans, ensuring that an individual and their family are sufficiently financially protected in the case of premature death.

Purchasing the most satisfactory life insurance plan needs assistance, and some considerations must be made while selecting a policy. You can learn more about life insurance plans at, which can protect your family from unanticipated occurrences while providing peace of mind.

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