Sep 28 2021

Insurance is most preferred financial product to protect family post COVID

Insurance is most preferred financial product to protect family post COVID

According to a survey by Tata AIA Life Insurance, COVID-19 has become the most preferred financial product for family protection in the aftermath of the COVID-19 epidemic with people willing to invest in insurance products over the next six months.

The survey also found that most consumers would like to buy life insurance as part of their investment plans over the next few months.
The survey conducted on 1,369 respondents in nine centers showed that during the epidemic, 51 percent of the respondents had invested in life insurance, while 48 percent had invested in health-related insurance solutions, compared to other financial asset classes is more.
More than half of the respondents stated that their thoughts towards life insurance have changed positively due to the epidemic and 49 percent intend to invest to buy life cover in the next six months and 40 percent intend to invest in health insurance Keep it.

According to the survey 30 percent of people invested in life insurance for the first time during the epidemic, while 26 percent invested in health-related insurance solutions for the first time in life.
Financial protection against medical emergencies and expenses has become a top priority, with 62 percent of people saying this and 84 percent saying they are still concerned about themselves and family due to coronovirus. 61 per cent were worried about themselves / family and their biggest worry is the economic slowdown.

“Of the respondents concerned about themselves and their family, 50 percent are concerned about mental health due to the workload caused by the Covid-19 epidemic.  55% female respondents said they are concerned about mental health due to workload during the epidemic.
As per survey 41 % of people are buying financial products online.
Among other asset classes, one-third of respondents stated that they invested in bank or company's fixed deposits, and 30 percent invested in mutual funds, while 24 percent invested in shares, 17 percent invested in gold /. Invested in digital gold.

“Life insurance has clearly emerged as the most preferred financial product as per our Covid Bhavna study. Followed by health and wellness solutions, there is a distinct shift towards considering life insurance as the primary source of future financial protection.
CDO and head marketing Venky Iyer of Tata AIA Life Insurance, said,

"The findings of the survey have helped highlight changes in customer usage and attitudes towards life insurance."
With changing needs and priorities, consumers' monthly allocation for insurance, savings and investment has increased, the survey shows. With less discretionary expenses and a greater focus toward essential expenses, consumers are motivated to save, and were more pre-covid than they were to invest more in life insurance, he observed.

Tata AIA Life stated that the motive behind conducting the survey was to gain a comprehensive understanding of the consumers' usage and outlook and to inform the Kovid-19 epidemic about the financial instruments and types of life insurance policies.

The survey was conducted through a computer-aided web interview on salaried, businessmen and self-employed men and women aged 25–55 years. (PTI)

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