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COVID-19 has accelerated insurance awareness in India, says survey

COVID-19 has accelerated insurance awareness in India, says survey

COVID-19 has accelerated insurance awareness in India, says survey
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By CNBCTV18.com Jun 10, 2020 6:28:05 AM IST (Updated)

Nearly 80 percent of respondents said they were aware of the benefits of insurance especially during a pandemic, according to a recent survey on consumer sentiment conducted by Policybazaar

According to a recent survey on consumer sentiment conducted by Policybazaar, around 51 percent of the respondents considered having an insurance cover important while nearly 80 percent said they were aware of the benefits of insurance, especially during a pandemic.

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“This online study was conducted to understand consumer sentiment towards household finances, investments and insurance during the COVID-19 pandemic,” Policybazaar said.
"The study found that people seem well in control of their financial health but are extremely worried about the risk to their and family’s physical health. As a result, the perception of the importance of health and life insurance is now higher than ever," the insurance aggregator added.
Nearly two in three respondents were confident of their household expenses remaining stable and manageable over the next 12 months.
“This indicates that people have reasonable savings for the coming few months and are ready to make informed decisions when it comes to spending. Unlike in the past, insurance has now become a product that consumers are likely to buy without the need for a big sales push," the survey said.
Health insurance purchases doubled between March and May this year compared to the same period in 2019.
Only 15 percent of the respondents said they were worried about a cash crunch. On the job security front, only 19 percent respondents indicated any anxiety about retaining their employment, as per the survey.
Commenting on the study findings, Sarbvir Singh, CEO, Policybazaar, said, "The pandemic has definitely accelerated awareness about insurance in India where insurance penetration remains low even today."
To understand people’s attitude towards long-term savings and investments during this period of uncertainty, the survey asked people about their intention to invest in various market instruments. Nearly 47 percent of the respondents felt this was a good time to invest to earn good returns.
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