13-07-2021

Insurance finds flavour among young people

Insurance Alertss
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13-07-2021
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Insurance finds flavour among young people

Pune: Ashwin Golwarkar (24) landed himself a job as a call centre executive with a company in Pune last month. He did not wait to contact an insurance agent after consulting his elder brother.

“My salary is not huge but I got a life insurance and a medical insurance for myself and my family. In another year, when there would have been no pandemic, I would have ended up spending on buying clothes, electronics or food. However, looking at the second wave, which saw so many deaths, I have got these policies,” he told TOI.

“Many are skipping paying premiums and their policies are becoming inactive. There are insurance companies who have come with easy options for paying premiums. Even so, a large number of young people are inquiring about different policies, the returns and easy premium options. Of these, at least 20% want a life insurance with benefits, a mediclaim policy or a term insurance. We try to explain in simple terms. During our interactions, nearly all say the second wave has scared them and they wanted insurances rather than spending without thought,” insurance agent Priya Nalawade said.

Health insurance was in high demand, she said and she has sold close to 15 to 16 policies each month for two months now which was not the case earlier. “The percentage of youngsters buying them was close to 10% to 15%. For life insurance policies, I have around 20 to 30 customers each month now and many are youngsters who have got jobs. Even those with modest incomes want insurance,” she added.

Prashant Kale, another agent who has his office in Fatimanagar, said many people who comes to him had no clue about the policies, their use and how to plan for them.
“They have seen many people passing away during the second wave and are scared. Some come to me with their children who have just got a job, and want insurances in their names. Last month, I got calls from more than 50 of my clients who were desperate to increase their mediclaim policies. Youngsters with salaries with Rs 15,000 or even less are looking for a health insurance or a life insurance. It was not the case earlier,” Kale told TOI.
Source: The Times of India

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