Mumbai: Urban Indians becoming are more proactive about health and fitness, according to the findings of the third edition of its flagship survey ‘Max Life India Protection Quotient 3.0 (“IPQ 3.0”)’ in partnership with KANTAR.
As per the study, 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.
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."
The study was conducted in top 25 urban metro, Tier 1 and Tier 2 cities; hence, its findings are representative of metro, Tier 1 and Tier 2 cities of urban India only.
Health apps on rise: While the 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 per cent were inclined towards health app, followed by tier 1 and tier 2 cities where 59 per cent and 47 per cent of respondents respectively showed consideration for it.
Reduction in premium amount for improving health 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 per cent, urban Delhi was most inclined towards buying life insurance if it offered a reduction in premium amount for improving their health and fitness. 53 per cent in urban Kolkata and 40 per cent 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.