The COVID-19 pandemic has had a significant impact on the life insurance industry in India, with a decline in business in the first six months of 2020. However, insurance companies have responded well to the crisis and are now experiencing a strong recovery. The second quarter of 2020-2021 saw a 16% year-on-year increase in new business premiums, with a shift in customer perception of life insurance as a risk cover rather than a financial investment. The life insurance industry is now focusing on transformational agendas to adapt to the post-COVID-19 scenario.
