Journal : Global Times (Chinese) Date : Author : Govindoo Page No. : NA

According to a Reuters report of June 17th, the raging epidemic has recently set off an “insurance fever” in India, where the participation rate is low, and customer groups, mainly young people, are actively buying life insurance.

The report said that, like many young people, 24-year-old Mumbai-based white-collar woman Coutinho had little idea about life insurance, but the onslaught of the new epidemic has made her change her mind quickly. She said, “After seeing people my age dying of the disease, there was no hesitation in taking out life insurance …… I didn’t want to see my family scrabbling around for money after an accident.” According to the media, Coutinho’s case is typical of India’s young enrollees: in April and May, the “second outbreak” of the epidemic, India’s new life insurance enrolment of young people aged 25 to 35 was 30% higher than in the first three months of the year combined, and online sales of term life insurance in the country jumped 70% in May compared to March.

Due to low per capita income levels, India’s national life insurance participation rate was only 2.82% in 2019, up just 0.67% from the early 21st century and well below the world average.

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