Surge in insurance policy applications

It has been three days since the serial bomb blasts and insurance companies are already marking an increase in the demand for policies.

It has been three days since the serial bomb blasts and insurance companies are already marking an increase in the demand for policies.

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Industry experts have indicated a 15-20 % in the sale of policies. “A terror attack is an unfortunate event and it signifies the importance of insurance. These events trigger a temporary surge in demand for specific events-related covers,” Santosh Balan, head, corporate communications, Bajaj Allianz.

Many people, who had decided to buy a policy but had kept it on hold, have made it a priority. “This blast has definitely forced me to go ahead and purchase the policy. With the kind of events occurring time and again, there is a dire need for life insurance policy. If we can’t stop such events, then at least we can make financial provisions for our family to deal with such tragic situations,” said Dr Danish Sardar, Mazagaon resident.

Ghatkopar-based Jagdeep Desai (name change on request) got himself insured on Friday. “It is natural after such an incident for people to fast buy a life protection plan. I am the sole earner in my family and therefore have to plan life after me for my dependents,” said the 30-year-old accountant. Desai did not reveal the insurance amount. He confirmed, however, that it would take care of his family’s financial needs for the next 10-15 years in case of a tragedy.

Rahul Jadhav, LIC sales executive said, “People become more receptive, keep appointments and show interest in knowing the policies. Some people approach us on our own.”