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Insurance 'most preferred' financial product to protect family post-coronavirus: Survey

Insurance has become the most-preferred financial product to protect the family against health emergencies post the COVID-19 pandemic, according to a survey from Tata AIA Life Insurance.


The plan offers guaranteed addition at the rate of Rs 50 per 1,000 basic sum assured (or 5 per cent) at the end of each policy year.

The regulator has reasoned that the step will not only bring down the cost but also help speed up claim settlement process

The agency said it is essential for insurers to maintain adequate buffers over the regulatory minimum so as to be prepared for any unforeseen risk events

The country's largest life insurer LIC contributed Rs 14,345.70 crore or 58 per cent to the total premium generated during the month, showed IRDAI data