Topic 3: COVID-19: Life and health insurances are must for 'safeguarding future

At least 80% (8 out of 10) Indians purchase life and health insurance products to safeguard future. Life insurance followed by health insurance is 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.

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. 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.

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.

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.

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