Max Bupa Health Insurance has released a covid-19 survey that highlights the impact of the novel coronavirus disease on the behavioral patterns of people towards health insurance.
The research which was conducted across 11 markets including Delhi, Mumbai, Bangalore, Chennai, Hyderabad, Kolkata, Lucknow, Pune, Patna, Jaipur and Chandigarh in the pre and during Covid-19 period, throws light on how coronavirus has brought changes in the mindset of people, triggers of purchase and expectations from health insurance.
Here are the key findings of the report
- Before the covid-19 outbreak in India, only 10% of people were interested in buying health insurance to cover new age diseases, but now 71% people consider health insurance as a necessity to fight unforeseen pandemics like Covid-19
- 57% people understand the importance of comprehensive health insurance plans
- Uncertainty around treatment, high medical cost and quarantine period disrupting regular income due to Covid-19 is prompting people to purchase health insurance plans
- In the post covid-19 period, family members contracting the disease, risk of job loss and mental anxiety are the top three concerns in the minds of people
- 73% people in India are worried about high medical costs, which is higher than those worried about regular expenses like children’s education and marriage, post-retirement life and wellbeing of family members
- In the pre-covid-19 period, people used to delay buying health insurance and prioritized household expenses, children’s education and household products like gadgets and personal devices
In a press release, Anika Agarwal, Director - Direct Digital Business & Marketing, Max Bupa Health Insurance said, “Today, we are seeing a tectonic shift in the health insurance industry, with more and more people opting for comprehensive covers. We are seeing this growing awareness translating into purchase from all over the country, including tier II & III markets. We have seen 22% growth in our overall business in the last 3 months, compared to the same period last year.”
