Should you renew your covid insurance? Life insurance advise for New Year

The New Year is the perfect time to create a secure financial plan and make some sensible decisions that will impact one’s long-term physical, emotional and financial well-being. In the interim, it is strongly recommended for people to buy or renew their covid plan in the year ahead, as insurance is a protection against any uncertainty and it helps in covering the medical expenses and cost of recovery in case one unfortunately catches coronavirus," says Karthik Raman, CMO & Head – Products, IDBI Federal Life Insurance. One of the key financial needs a term insurance policy addresses is to take the place of lost future income of an individual for their dependents in case of death in the individual’s earning years," says Samit Upadhyay – CFO and Head of Product, Tata AIA Life insurance. By virtue of being the most fundamental and cost effective form of financial protection, a comprehensive term insurance policy is equally essential," says Viswanand, Deputy Managing Director, Max Life Insurance. “Whether there is a pandemic or life as usual, life insurance is an important building block for a sound financial plan," says Anjali Malhotra Chief Customer, Marketing, Digital and IT Officer, Aviva Life Insurance.