Consumer perception regarding LIC during COVID-19 pandemic

The COVID-19 pandemic and lockdown have impacted almost all the industries and sectors across the world including the insurance sector which has a significant contribution in the country’s GDP and economic development. This paper is an attempt to study the effect of COVID-19 pandemic and its overall effect on consumer perception regarding Indian life insurance sector. The study is exploratory in nature and thus give new insight to related future researches. In order to conduct the study, the secondary data has been collected from various newspaper articles, online blogs, website and annual report of LIC and IRDA. The paper covers various dimensions like first total premium of LIC, No. of lives covered under the schemes, No. of policies issued and also make an effort to analyse the overall performance of life insurance company in FY 2011 to FY 2021. The period of study covered ten years i.e pre and post COVID. The findings of the study reveals that COVID-19 has adversely affects the life insurance business mainly in term of drop down in sales of new policy, premium income and crises of claim settlement. The experts view that the demand of pure and health insurance has been shown a positive growth due to life uncertainties in times of COVID-19 pandemic.