The momentum of shopping for life insurance coverage could have slowed down in comparison with the preliminary days of the covid-19 pandemic. Nevertheless, it stays the highest precedence of those that haven’t bought it but or haven’t got satisfactory cowl, in response to a survey.

Virtually half of the respondents in Tata AIA Life Insurance coverage’s Client Confidence Survey stated they should purchase a life insurance coverage coverage within the subsequent six months. Well being was the second on the precedence record, with 40% stated they might buy medical health insurance within the coming months.

The survey reached out to 1,369 respondents throughout 9 centres within the age group 25-55.

In contrast to the pre-covid-19 instances, individuals are extra inclined to purchase a time period plan than a unit-linked insurance coverage plan or a conventional coverage. About 47% stated that their views in the direction of the time period plan have modified.

Throughout the pandemic, 51% of respondents purchased life insurance coverage, and 48% purchased health-related options. Of the full who purchased insurance coverage insurance policies, 30% had been first-time consumers of life insurance coverage, and 26% bought well being coverage for the primary time.

The survey additionally seemed on the different investments that respondents have made and plan to make within the subsequent six months. Throughout the pandemic, 33% invested in both financial institution or firm mounted deposits, 30% invested in mutual funds, 24% purchased shares, and 17% bought gold in numerous varieties.

Within the close to time period, 37% of the respondents plan to put money into mutual funds through systematic funding plan, 33% in financial institution or firm FDs, 30% in shares, shares and 25% in gold.

“The survey reveals that, with altering cash wants and priorities, customers’ month-to-month allocation in the direction of insurance coverage, financial savings and funding, has elevated. With much less discretionary spends and extra focus in the direction of necessities spending, customers are motivated to avoid wasting and make investments extra in life insurance coverage than they had been pre-covid-19,” stated Venky Iyer, chief distribution officer and head of selling, Tata AIA Life Insurance coverage.