On the occasion of National Insurance Awareness Day, Trending@Money9 invited Anuj Mathur, MD and CEO of Canara HSBC OBC Life Insurance to discuss the importance of having insurance as a financial security tool. It won’t be an exaggeration to say that the Covid-19 pandemic has somewhere reinforced the belief why insurance should be considered as the pillar of financial security by every household and business.
Mathur said in the interview “Insurance awareness has gone up. Over the last 15 months, we have seen an increase in the desire of customers to buy insurance. Term Insurance is a kind of limited to a small percentage of the population. People who are tech-savvy and who are able to look at web aggregators for online products are buying term insurance.”
He also talked about how people are buying insurance during Covid-19. “The pull has been towards term insurance but that too selectively. We have not seen too much increase in the savings business, which over the period of time will increase. Due to covid, there is uncertainty in the income of people of business owners and SMEs, whose disposable income has got impacted which has resulted in slightly lower demand for investment plans.”
On National Insurance Awareness Day, it is important to understand how unforeseen tragedies can leave us with a lot of financial as well as emotional stress and why it is important to keep your family covered under the protection of an insurance policy.
