HUMAN WEALTHSURANCE: ANALYTICAL STUDY ON FINANCIAL PLANNING OF COMMUNITY INVESTORS DURING COVID-19

There is a wide diversity of the health systems across the globe. The COVID 19 situation has made the government and private health services to rethink in line to support the COVID19 surge (Deolite, 2020). Insurance Sector is also facing resilience challenges. The similar resilience challenges has paved a new path for the Insurance in India. Wealthsurance in India is an emerging phenomenon. It has the potential to grow. The increasing pressure on the Insurance Companies to reduce the transaction and processing costs as well as declining income in the Insurance Sector has made it possible for the Wealthsurance to grow its roots. Positive framework of the Govt. has set up the umbrella of growth for the Wealthsurance in India. Insurance Sector has reshaped their network by entering in to Wealthsurance. It leads to the achievement of long-term financial goals. Insurance plays a vital role in the financial planning of investors. It leads to safety, income tax benefit, Potential for growth, tax free returns, good liquidity, no capital gain tax etc. It is planning for spending and saving future income. Insurance is a form of risk management to cover the risk of loss. This paper is an attempt to analyze the financial planning of the individual investors, role of insurance in the financial planning of individual investor and various factors affecting Wealthsurance foundation plan During FY2018-19, general and health insurance companies collected ₹44,873 crore as health insurance premium, registered a growth of 21.2 per cent over the previous year. • For the last four years, it has been growing at more than 20 per cent per annum. • Corona Virus Coverage- IRDAI urges insurers to expedite Covid-19 claims • Wellness measures (discount in premium for walking, for regular checkup) • Relaxation in health insurance premium payment. • Digital channel offices • Policies through wallet like Paytm, Phonepe etc