Fear of pandemic and health concern for self and family loom large, reveals a survey by Tata AIA Life Consumer Confidence. About 84 per cent of respondents said they are still concerned about Covid-19, while 66 per cent felt their top concern was the economic slowdown.
This sentiment study, conducted by Nielson across nine major cities of India for Tata AIA, points out that during the pandemic, around 51 per cent of people have invested in life insurance, and 48 per cent invested in health-related insurance solutions - higher than any other financial asset classes. Most people preferred to ensure the financial security of their children against medical emergencies.
"Life insurance has clearly emerged as the preferred financial asset as per our Covid sentiment study. There is a distinct shift towards considering Life Insurance as the primary source of future financial protection, followed by health and wellness solutions. The survey findings have helped capture and unravel the transition in customer usage and attitude towards Life Insurance,” says Venky Iyer, CDO and Head Marketing, Tata AIA Life Insurance.
About 71 per cent of the people said they intended to invest in health insurance in the next six months and 67 per cent felt their opinion towards mediclaims have changed for the advantages insurance provides.
“The survey reveals that, with changing priorities, consumers' monthly allocation towards Insurance, savings, and investment, has increased. With less discretionary spending and more focus on essentials spending, consumers are motivated to save and invest more in Life Insurance than they were Pre-Covid,” Venky adds.
