With the Covid-19 pandemic obtaining health-related implications, urban Indians are becoming proactive about overall health and fitness, as per the findings of a survey performed by Max Life Insurance.
The third edition of Max Life’s flagship survey – ‘Max Life India Protection Quotient 3.0 (IPQ 3.0)’, performed in partnership with Kantar – talks about higher monetary protection for the nation. It states that the quantity of persons thinking about obtaining an application for tracking their overall health was also considerable through this time. Urban Indians mentioned they’d be interested in working with an app that enables discounts on premiums in response to preserving specific overall health and wellness patterns.
According to the report, about 72 per cent of respondents have been actively hunting for solutions that will boost immunity and 71 per cent paid consideration to overall health and fitness regimes.
It was also noticed that urban Indians indulged in a range of activities to maintain themselves mentally and physically match, in terms of hunting following their overall health and fitness – with 75 per cent consumed healthful, household-cooked meals, 54 per cent routinely exercised (walking, health club, yoga), 47 per cent went for typical overall health verify-up and 30 per cent adopted the use of fitness bands, overall health monitoring device, and so on. – reflecting considerable shifts in attitude towards overall health and fitness, in the backdrop of Covid-19.
Aalok Bhan, Director and Chief Marketing Officer, Max Life Insurance says, “Apart from reshaping the world we knew, the Covid-19 pandemic has brought about a sea shift in people’s approach to health, wellness, and overall wellbeing. Increased awareness of the value of protecting loved ones has led individuals to take charge of their physical and mental health and adopt healthier life choices and preference for connected wellness services.”
Insurers also play an vital part in this pronounced push towards overall health and fitness, as different life and overall health insurance coverage corporations have been advertising wellness amongst policyholders. Insurers have produced policyholders conscious that overall health and fitness straight effect their premium quantity of an insurance coverage policy.
Urban India’s attitude towards overall health and wellness in the backdrop of Covid-19
Urban India inclined towards working with a overall health app
While the Covid-19 pandemic developed numerous overall health challenges, it has also led to an elevated interest in nurturing overall health and wellness. Consequently, the survey revealed urban India’s inclination towards thinking about overall health apps that would allow discounts on premiums in response to preserving specific overall health and wellness patterns. This consideration was highest amongst metros exactly where 66 per cent have been inclined towards overall health app, followed by tier 1 and tier 2 cities exactly where 59 per cent and 47 per cent of respondents respectively showed consideration for it.
Health and fitness straight effect the premium quantity of insurance coverage
A larger proportion of urban Indians have been identified to be conscious that the overall health and fitness of the person straight effect the premium quantity of term insurance coverage. At 76 per cent, tier 1 cities respondents have been identified to be most conscious of the effect of overall health and fitness on policy premiums. The awareness stood at 74 per cent in metros, followed by 60 per cent in Tier 2 cities.
Reduction in premium quantity for enhancing overall health and physical fitness
The survey also revealed considerable modifications in urban India’s attitudes towards premium discount as a reward for preserving overall health and fitness. At 73 per cent, urban Delhi was most inclined towards purchasing life insurance coverage if it supplied a reduction in premium quantity for enhancing their overall health and fitness. 53 per cent in urban Kolkata and 40 per cent in urban Mumbai have been disposed towards this overall health and fitness incentive.
Realization of Critical Illness (CI) occurrence increases but CI rider adoption however to see a wider uptake
The survey revealed an boost in the realization of vital illnesses across urban India. 25 per cent of respondents, as opposed to earlier 19 per cent respondents (in earlier IPQ 2. survey), had the realization that vital illnesses could prey on them. As a outcome, compared to pre-Covid-19 exactly where only 11 per cent or 1 in 10 Indians brought a vital illness rider on their term insurance coverage (per earlier IPQ 2. survey), as per IPQ 3., now 26 per cent respondents or 1 in 4 purchased a vital illness rider with their term insurance coverage policy.
While this is a marked improvement in relative terms, wider uptake of vital illness rider is however to take location. In wake of Covid-19, 31 per cent of metro respondents bought vital illness with their term plans, followed by 24 per cent in tier 2 and 23 per cent respondents in tier 1 cities.