New Delhi: The uncertainty caused by the current situation has prompted consumers, especially women, to seek out long-term financial tools like life and health insurance that provide much-needed protection for their financial future, as well as that of their loved ones.
The ongoing Covid-19 pandemic has underscored the need for life insurance more than ever. With a premium to GDP ratio below 3%, there is a clear and urgent need to accelerate insurance penetration in the country.
Tata AIA Life commissioned the survey from leading market research agency Nielsen to get a comprehensive understanding of consumer usage and attitudes before and after the covid-19 pandemic towards financial instruments and the type of life insurance policies. The study was administered to a total sample of 1,369 respondents across nine centers. Salaried, commercial and self-employed men and women in the 25-55 age group were interviewed using a computer-assisted online interview methodology.
According to a consumer confidence survey by Tata AIA, the impact of the pandemic has been found to be greater, as evidenced by changes in women’s lifestyles during the lockdown. About 45% of women said they started buying more financial products online than in the pre-covid-19 scenario. About 62% of respondents said they were still very worried about themselves and their families due to the pandemic. Among respondents concerned about themselves/their family, 50% are worried about their mental health due to the increased workload due to the pandemic. Of the women surveyed, 55% said they were concerned about mental health due to increased workloads during the pandemic.
Among millennial women and early jobbers, we are seeing a growing interest in financial products and planning for future goals. With the gradual narrowing of gender gaps and the increase in women’s independence, they are rapidly assuming financial responsibilities, both for themselves and their families. Even among housewives, women are increasingly taking on important roles as co-decision makers in financial investments, especially for family goals such as retirement and raising children, according to the survey.
When it comes to the types of life insurance policies customers take out, 74% of female consumers are aware of traditional plans, which are similar to men. This shows increased awareness of insurance products as well as increased interest in including insurance in the financial portfolio.
According to the results of the survey, considering the role of women in the health of the family, it is necessary to prioritize their health, which translates into the provision of adequate medical coverage to women as well as to the riders concerned. Recognizing this, our health endorsements not only provide adequate protection, but also add considerable value to the underlying product while providing coverage against hospitalization and escalating medical costs.
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