SBI Life Insurance, one of most trusted private life insurers in the country unveiled a comprehensive consumer survey, providing deep insights into consumer predispositions towards Financial Immunity in a post covid world. SBI Life commissioned the ‘Understanding consumer attitude towards Financial Immunity’ survey with The Nielsen Company, reaching out to over 2,400 consumers across 13 key cities covering the length and breadth of India.
Understandably, in the wake of COVID-19, maintaining personal physical immunity has been on the fore, with almost every respondent confirming to have increased focus on physical immunity in some way. In fact, 8 out of 10 Indians are aware that ‘stress’ lowers 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% Indians are not sufficiently prepared to face any financial emergencies related to lifestyle diseases.
On the brighter side, the pandemic has brought in a realization on the need for protection, with 7 out of 10 Indians who currently do not own a Critical Illness cover, explicitly expressing an intention to buy one in the next three months. Another encouraging insight thrown up by the survey, is that 8 out of 10 consumers purchase Life and Health insurance with a clear motive of safeguarding family’s future.
Speaking about the survey findings, Mr. Ravi Krishnamurthy, President – Zone I, SBI Life said, “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. While, the consumer’s current state of financial preparedness towards any health emergency is inadequate, there is an encouraging newfound awareness on the need to build a robust Financial Immunity to safeguarded one’s future.” Mr. Krishnamurthy further added, “At SBI Life, we believe that gaining financial immunity is the foundation of achieving one’s full potential and we shall continuously strive to provide the right protection tools for individuals across the country.”
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