It was seen that urban Indians indulged in a variety of activities to keep themselves mentally and physically fit, in terms of looking after their health and fitness.
With the Covid-19 pandemic having medical implications, urban Indians are becoming proactive about health and fitness, as per the findings of a survey conducted by Max Life Insurance.
The third edition of Max Life’s flagship survey – ‘Max Life India Protection Quotient 3.0 (IPQ 3.0)’, conducted in partnership with Kantar – talks about greater financial protection for the country. It states that the number of people considering having an application for tracking their health was also significant during this time. Urban Indians said they’d be interested in using an app that enables discounts on premiums in response to maintaining certain health and wellness patterns.
According to the report, around 72 per cent of respondents were actively looking for products that will improve immunity and 71 per cent paid attention to health and fitness regimes.
It was also seen that urban Indians indulged in a variety of activities to keep themselves mentally and physically fit, in terms of looking after their health and fitness – with 75 per cent consumed healthy, home-cooked food, 54 per cent regularly exercised (walking, gym, yoga), 47 per cent went for regular health check-up and 30 per cent adopted the use of fitness bands, health monitoring device, etc. – reflecting significant shifts in attitude towards 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 important role in this pronounced push towards health and fitness, as various life and health insurance companies have been promoting wellness among policyholders. Insurers have made policyholders aware that health and fitness directly impact their premium amount of an insurance policy.
Urban India’s attitude towards health and wellness in the backdrop of Covid-19;
Urban India inclined towards using a health app
While the Covid-19 pandemic created several health challenges, it has also led to an increased interest in nurturing health and wellness. Consequently, the survey revealed urban India’s inclination towards considering health apps that would enable discounts on premiums in response to maintaining certain health and wellness patterns. This consideration was highest among metros where 66 per cent were inclined towards health app, followed by tier 1 and tier 2 cities where 59 per cent and 47 per cent of respondents respectively showed consideration for it.
Health and fitness directly impact the premium amount of insurance
A higher proportion of urban Indians were found to be aware that the health and fitness of the individual directly impact the premium amount of term insurance. At 76 per cent, tier 1 cities respondents were found to be most aware of the impact of 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 amount for improving health and physical fitness
The survey also revealed significant changes in urban India’s attitudes towards premium discount as a reward for maintaining health and fitness. At 73 per cent, urban Delhi was most inclined towards buying life insurance if it offered a reduction in premium amount for improving their health and fitness. 53 per cent in urban Kolkata and 40 per cent in urban Mumbai were disposed towards this health and fitness incentive.
Realization of Critical Illness (CI) occurrence increases but CI rider adoption yet to see a wider uptake
The survey revealed an increase in the realization of critical illnesses across urban India. 25 per cent of respondents, as opposed to earlier 19 per cent respondents (in previous IPQ 2.0 survey), had the realization that critical illnesses could prey on them. As a result, compared to pre-Covid-19 where only 11 per cent or 1 in 10 Indians brought a critical illness rider on their term insurance (per previous IPQ 2.0 survey), as per IPQ 3.0, now 26 per cent respondents or 1 in 4 bought a critical illness rider with their term insurance policy.
While this is a marked improvement in relative terms, wider uptake of critical illness rider is yet to take place. In wake of Covid-19, 31 per cent of metro respondents purchased critical illness with their term plans, followed by 24 per cent in tier 2 and 23 per cent respondents in tier 1 cities.