Life insurance plans have been a feature of Indian homes for decades, with families choosing for them to protect their family' future for generations. However, according to a Life Insurance Council poll, although 91 percent of individuals are aware of the necessity for a life insurance policy, just 60 percent actually possess one.

High premiums, high tax rates, and reduced adoption of technology, among other variables, are to blame for such a low inclined graph. The COVID-19 pandemic, however, radically transformed the nature of this industry in 2020, causing not only a tremendous digital revolution and technology-adoption among companies and customers, but also forcing every person to rethink fundamentals such as life insurance.