Since the onset of the COVID-19 pandemic, there has been an increased emphasis placed by the Indian masses on life insurance products with many young citizens purchasing life insurance covers for the first time. Despite this, data aggregated from private insurance companies suggest that nearly 29% of the insured base has lapsed policies due to failure to pay the insurance premium on time. This is largely attributed to a general lack of awareness about the importance of timely premium payment rather than financial stress preventing them from continuing their insurance plans.
