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Covid-19 and the subsequent lockdown will adversely impact life insurers in the short term. However, with a likely change in consumer behaviour and rise in demand for pure-protection products, the medium-term impact may turn out to be positive.
“Based on past regional experiences, it has been observed that such pandemics provide a fillip to protection and guaranteed products. We foresee some shift towards such product forms that are healthy from a margin perspective,” said Prashant Tripathy, managing director (MD) and chief executive officer (CEO), Max Life Insurance.
Covid-19 is expected to result in improved awareness and importance about life insurance
