New-Age Indian Consumers Want More Services From Life Insurers – Outlook India
A prolonged pandemic has spurred urban Indians to focus on their health and wellbeing, which includes both physical and mental health. Consumer preferences are changing with many expecting a range of holistic services from insurers including tax planning, financial counselling and dedicated claims management services, finds a survey conducted by Max Life Insurance and consultancy firm Kantar.
Healthier Choices: According to the survey, 76 per cent respondents said they pay attention to their fitness regimen and when purchasing life insurance 49 per cent seek health and fitness apps to help track their activity levels and also offers associated benefits/ discounts.
The survey, which tapped 5,729 respondents across 25 Indian cities (including metro, tier 1 and tier 2 locations) between December 10, 2021 and January 14, 2022, also found that people making healthier lifestyle choices daily owing to Covid-19. For example, 55 per cent respondents said they focus on regular exercise, 54 per cent choose to eat home-cooked/healthy meals, 47 per cent said they follow a diet plan and 42 per cent said they have routine health checkups.
Critical Illness Riders In Demand: The survey also revealed that 35 per cent respondents own a critical illness rider as compared to 33 per cent in the previous edition of the survey.
Mental Health Becomes An Area of Concern: Six in 10 participants said they were anxious about mental health and wellbeing. Personal well-being (62 per cent) emerged as a key concern for urban India with the pandemic straining mental and physical health. This was followed by sustaining lifestyle and expenses with current savings (60 per cent) and financial security with the untimely death of the family breadwinner (59 per cent).
“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,” V. Viswanand, deputy managing director, Max Life, said in a press statement. He added that new-age consumer base is growing and evolving with a sizeable base seeking health and fitness benefits from their life insurance policies. “This is an avenue for insurers to create customised products,” he added.
