Term insurance products selling more during Covid-19 crisis: Survey

The term insurance ownership was highest across different categories of life insurance products, with 41 per cent metro respondents owning term products

Term insurance products are gaining traction as households are being proactive about financial planning due to heightened anxieties around unemployment and untimely death of the family breadwinner in the time of Covid-19 crisis, a survey said.

The Max Life India Protection Quotient (IPQ)- Express survey also noted that job security, medical security, and financial security of the family in the absence of a breadwinner are more important to people now than before the Covid-19 era.

According to the survey, term insurance is the most preferred life insurance category during Covid-19 and 83 per cent respondents believe that the situation demands