People are more aware about insurance in the wake of Covid-19 pademic: Survey

A recent survey, conducted by Policybazaar.com, has found that people are more aware about insurance in the wake of the coronavirus pandemic.

As much as 51 per cent of the respondents considered having an insurance cover important while nearly 80 per cent said they were aware of the benefits of insurance especially during a pandemic, the survey conducted by Policybazaar.com found.

“The perception of the importance of health and life insurance is higher than before,” Policybazaar.com said in a statement on Tuesday. It added that unlike in the past, insurance has now become a product that consumers are likely to buy without the need for a big sales push.

Health insurance purchases doubled between March and May this year compared to the same period in 2019.

Sarbvir Singh, CEO, Policybazaar.com, said, "This study clearly points towards both term life and health insurance starting to become a cornerstone of personal financial planning in times of the Covid-19. The pandemic has definitely accelerated awareness about insurance in India where insurance penetration remains low even today."

This online study was conducted to understand consumer sentiment towards household finances, investments and insurance during the Covid-19 pandemic and surveyed 14,624 Policybazaar.com users.

Only 15 per cent of the respondents said they were worried about a cash crunch. On the job security front, only 19 per cent respondents indicated any anxiety about retaining their employment. Nearly two in three respondents were confident of their household expenses remaining stable and manageable over the next 12 months, it further found.

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