Health
Covid-19 Compels Urban Indians To Be More Proactive About Health And Fitness; Inclination Towards Health Apps Increases: Max Life’s IPQ 3.0 Survey
- More urban Indians now are aware that health and fitness directly impacts the premium amount of term insurance
- Urban Indians indulged in a variety of activities to keep themselves mentally and physically fit
- Premium discounts for improving health and physical fitness desired by urban Indians
- Realization of Critical Illness (CI) occurrence increases but CI rider adoption yet to see a wider uptake
8th April, 2021, New Delhi: Reinforcing its commitment towards ensuring greater financial protection for the country, Max Life Insurance Company Ltd. (“Max Life”/ “Company”) has unveiled the findings of the third edition of its flagship survey ‘Max Life India Protection Quotient 3.0 (“IPQ 3.0”)’ in partnership with KANTAR. With the Covid-19 pandemic having medical implications, IPQ 3.0 found urban Indians becoming more proactive about health and fitness. As per IPQ 3.0 , the number of people considering having an application for tracking their health was also significant during this time, as 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.
On the back of heightened medical emergencies, a notable 72% of respondents said that they actively look for products that will improve immunity and 71% say that they pay attention to health and fitness regimes. In terms of looking after their health and fitness, urban Indians also indulged in a variety of activities to keep themselves mentally and physically fit – while 75% consumed healthy, home-cooked food, 54% regularly exercised (walking, gym, yoga), 47% went for regular health check-up and 30% 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.
Reflecting on the findings, Aalok Bhan, Director and Chief Marketing Officer, Max Life Insurance said “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. In light of this pronounced push towards health and fitness, there remains a massive opportunity for life insurers to impact customers. At Max Life, we aim to assume an active role in promoting wellness among our policyholders and offer products aligned with their evolving attitudes towards fitness. Our IPQ 3.0 survey is a testimony to that very commitment.”
In December 2020, Max Life announced the launch of ‘Max Life Critical Illness and Disability Rider’ (UIN: 104B033V01), a Non-Linked Non-Participating Individual Pure Risk Premium Health Insurance Rider (‘Rider’), and with it, as part of wellness benefit, the launch of ‘Max Fit’, a comprehensive wellness app designed to lead customers on a path of protection through holistic fitness and wellness. Available exclusively with the Rider, ‘Max Fit’ app offers other features such as a wellness assessment score, medicine reminder, daily health tips, and a wellness calculator for illnesses alongside discount (of up to 10%) on Rider premium at the time of renewal as a wellness benefit (as per rider terms and conditions), for maintaining healthy lifestyle patterns
The following findings reveal detailed insights pertinent to urban India’s attitude towards health and wellness in the backdrop of Covid-19:
- In the backdrop of Covid-19, urban India inclined towards using health app, consideration highest among metros
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% were inclined towards health app, followed by tier 1 and tier 2 cities where 59% and 47% of respondents respectively showed consideration for it.
- More urban Indians now aware that health and fitness directly impact the premium amount of term insurance
Further, in the wake of the pandemic, the survey witnessed an increase in India’s levels of life and term insurance awareness. With it, 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%, 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% in metros, followed by 60% in Tier 2 cities.
- Reduction in premium amount for improving health and physical fitness would be welcome
The survey also revealed significant changes in urban India’s attitudes towards premium discount as a reward for maintaining health and fitness. At 73%, urban Delhi was most inclined towards buying life insurance if it offered a reduction in premium amount for improving their health and fitness. 53% in urban Kolkata and 40% in urban Mumbai were disposed towards this health and fitness incentive. While innovative life insurance companies across the globe increasingly developing products that encourage healthy behavior and offer premium discounts to customers, IPQ 3.0 survey findings further point towards a similar opportunity back home.
- Realization of Critical Illness (CI) occurrence increases but CI rider adoption yet to see a wider uptake
On the back of heightened medical emergencies, the survey revealed an increase in the realization of critical illnesses across urban India. 25% of respondents, as opposed to earlier 19% 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% 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% 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% of metro respondents purchased critical illness with their term plans, followed by 24% in tier 2 and 23% respondents in tier 1 cities.
