Pandemic ::2

 As aftershocks create more havoc than an actual earthquake, the same is happening now in the current pandemic situation.

In both, before facing either earthquake or pandemic, we keep ourselves engaged in daily work. As we are not prepared for the same, the end result is horrible.

In the present case, our behavior before the second wave was negligent for government advisory.

We neglected everything which we have to do. As discussed earlier the life after pandemic life is going to be changed very drastically than what we thought.

The change is already underway, just yesterday we got the first news that the cost of insurance is going to increase by 20-30% approximately.

Now the under-writer guidelines for individual or retail medical insurance have been given which will be stringent as compared to the earlones one. 

The most reliable product in medical insurance is the group Mediclaim policy, but the claim was rejected due to covid and domiciliary treatment has given a major setback to the policyholder. The two things are not covered in it.

It means one has to pay from his own wallet for treatment.

 Going forward the underwriting guidelines for term or income secure products are going to change in a short period of time.

The mortgage industry has already changed the credit rating and credit underwriting.

Getting a secured and unsecured loan will not be easy as compared to earlier.

Now the CIBIL rating has a major impact on the last lockdown and return of business.

The normalcy was not there, but the second lockdown impacted severely the cash flow.

Now, what kind of relief will be provided by RBI  is to be seen.

The emotional and financial impact is not counted yet, but things are visible.

Going forward, the next new normal will come into our lives, which is not known and we are ready for that too.