Change in Perception About Insurance among the Youth due to COVID 19

Abstract

Insurance is one of the most neglected sectors in developing economies and India is no exception. Calamities and pandemics usually shake up the population reminding them about necessities for adequate cover. Indian economy has been severely hit by COVID 19 and the real pictures of the public healthcare system along with exploitation by the private players have been exposed. Widespread layoffs in the already troubled job market and series of natural calamities have further created insecurity in the hearts of people. Under these circumstances, the present study tries to assess the perceptions of young India about insurance through a survey conducted on a representative population of financially independent youth residing in West Bengal. The tabulated results show that the pandemic has raised the level of awareness regarding insurance among the youth and many have realized that they are underinsured. Mediclaim and term policies have gained widespread acceptance even among the youth.