More COVID-19 survivors to opt for life insurance in the country: HDFC Life CEO

A good number of COVID-19 survivors will opt for life insurance in the country, remarked Vibha Padalkar, MD and CEO of HDFC Life Insurance Company Ltd, while announcing the company’s Q4 results on Monday.

Padalkar told the media that COVID-19 survivors are now coming for life insurance, more so post the raging second wave of the pandemic. The COVID-19 pandemic situation has led to higher awareness around the need for protection and the inadequacy of the current insurance coverage.

Padalkar also stated that the company has provided Rs. 165 crore as COVID-19 reserve for FY22 based on the actual experience in FY21 after factoring in aspects such as latest mortality trends across businesses and customer segments and the geographic spread of COVID 2.0.

According to her, given the resurgence of COVID-19 and the looming uncertainty around economic and market momentum, the company will continue to maintain a cautiously optimistic stance for FY22 and evaluate its approach dynamically.