A survey conducted by health insurer Max Bupa has revealed that a large segment of Indians now consider health insurance a necessity in the post-COVID era.
The survey revealed that the COVID-19 pandemic has led to greater awareness among people about health insurance and a majority of them now consider it as a necessity for any unforeseen emergencies. Before the COVID-19 outbreak, only 10% of people were interested in buying health insurance, but now 71% consider health insurance as a necessity to mitigate unforeseen health risk like the COVID-19 pandemic.
Meanwhile, almost 57% of those surveyed understood the importance of having a comprehensive health insurance plan, which they said would help them get proper treatment considering the high medical costs today.
The survey also revealed that around 58% of the respondents made enquiries to understand coronavirus coverages in existing and intended health covers and that 73% are willing to pay higher premium in the next one or two months in order to get coverage for COVID-19.
The survey further revealed that women are now at the forefront for taking financial decisions as around 62% of females enquired about coverage for COVID-19 in health plans as against 54% males. Millennials have emerged as an important segment with around 63% in this age group making enquiries for health insurance and 59% enquiring at the early stage of the detection of COVID-19 cases in India. Millennials are otherwise not concerned about health insurance but the pandemic has motivated them to buy health insurance to save on medical costs.
The survey with a sample size of 1,700 respondents from 11 major markets across India was done in February as a pre-COVID reference point and in May as post-COVID responses.