COVID-19: Life and health insurances are must for 'safeguarding future', shows survey2 min read . Updated: 01 Oct 2020, 10:15 PM IST
- At least 75% who don’t have a critical illness health plan, are planning to buy it within the next three months, shows survey
- Amid the novel coronavirus pandemic, a majority of Indians are working to build up their immunity levels, finds survey
At least 80% (8 out of 10) Indians purchase life and health insurance products to safeguard future, a survey reveals. SBI Life Insurance in partnership with Nielsen has conducted a survey among 2,435 people in the country. The survey shows life insurance followed by health insurance are the top-most financial products bought with an intention to safeguard the family’s future.
At least 75% (7 out of 10) who don’t have a critical illness health plan, are planning to buy it within the next three months. The gap between insurance and other financial products is relatively high which underpins the consumers' trusts on insurance products for the financial security of its family, the survey mentions.
Amid the novel coronavirus pandemic, a majority of Indians are working to build up their immunity levels and fell that stress of any kind is a challenge to this, the survey shows. Over 80% Indians are focussed on building their physical immunity, and 78% strongly feel that stress and anxiety affects mental and physical immunity. The survey further attempts to better understand the cause of stress, by enquiring about the top financial worries of the consumer today. The top three reasons for stress are attributed to (1) Financial Security against critical illness, (2) Family member getting infected by any lifestyle disease or Covid-19 and (3) Job or income loss.
“The reasons for financial worries cited by consumers underpin the stress caused by financial management of lifestyle diseases. Alarmingly, over 50 per cent Indians are not sufficiently prepared to face any financial emergencies related to lifestyle diseases," SBI Life Insurance says.
"For 62% of the respondents, financial immunity is equivalent to being financially prepared to tackle any uncertainty related to life and health i.e. safeguarding financial security and stability of the family lies at the core of financial immunity," the survey reveals. SBI Life’s survey also shows that 53% of Indians are not financially prepared to bear the cost of COVID-19 treatment.
Commenting on the survey findings, Ravi Krishnamurthy, president – Zone I, SBI Life said, “While personal and family safety is the biggest concern in the current situation, the pandemic has re-emphasized the importance of immunity for each one of us."
He further added “At SBI Life, we believe that gaining financial immunity is the foundation of achieving one’s full potential and we shall continuously strive to provide the right protection tools for individuals across the country."