Sunday, 26 February 2023 | PNS
Bajaj Capital Insurance recently conducted an online survey to understand consumer sentiments towards insurance as a protection product. The survey polled 3,500 insurance consumers across India.
According to the survey, 30 per cent respondents from the age group of 30-45 years already had both term life and health insurance policy from Bajaj Capital. This implies that the millennial generation is kick starting personal finance planning for their sound financial future with Bajaj Capital. However, out of those 30 per cent only 9.8 per cent were adequately insured and the remaining were underinsured. When asked about the factors influencing the insurance buying decision of the consumer, the survey found that in motor insurance, 42 per cent chose ease of buying and 36 per cent went with the number of benefits offered. In health insurance, 45 per cent consumers were adequately covered under individual health insurance while 32 per cent had a family floater health insurance. The survey also found that 79 per cent of consumers prefer buying or renewing their motor insurance digitally with the help of an expert.
The survey also revealed that there is still a significant portion of the population that is under-insured, particularly in tier-2 and tier-3 cities. “Eighty per cent of respondents from tier-2 and tier-3 cities did not have health insurance or life insurance plans, while the rest of the respondents had only basic coverage. This highlights the need for greater awareness and education about the importance of insurance as a protection product, particularly in tier-2 & tier-3 cities,” said joint chairman and managing director of Bajaj Capital, Sanjiv Bajaj.
