76% urban Indians are fitness conscious
62% are anxious about their mental health and wellbeing
35% purchased critical illness rider; significant sign of enhancing life insurance
Max Life Insurance Co. Ltd (“Max Life”) in association with Kantar recently unveiled the India Protection Quotient 4.0 survey. Tapping 5,729 respondents across 25 Indian cities [between 10 December 2021 to 14 January 2022], the survey was carried out during the recent wave of the Covid-19 pandemic.
A prolonged pandemic has spurred urban Indians to focus on their health and wellbeing. According to the survey, 76% respondents are paying attention to their fitness regimen and when purchasing life insurance 49% seek health and fitness apps. This also indicates changing consumer preferences with majority expecting a range of holistic services from insurers including tax planning, financial counselling and dedicated claims management services to ease claim settlements.
IPQ 4.0 also highlights a shift in daily lifestyle choices owing to Covid-19, with 55% consumers focusing on regular exercise, 54% consuming home-cooked/healthy meals, 47% following a diet plan and 42% undergoing routine health checkups.
Commenting on the findings, V. Viswanand, Deputy Managing Director, Max Life said “While urban India’s sense of financial security and awareness grew during the pandemic, maintaining a healthy living remained a critical aspect for financial protection. IPQ 4.0 brings some unique insights into the growing and evolving new-age consumers with a sizeable base seeking health and fitness benefits from their life insurance policies. This is an avenue for insurers to create customized products and contribute in adding further value to the lives of policyholders.”