NEW DELHI: Faced with salary cuts and fear of job loss amid the coronavirus-led crisis that has , over 50 per cent Indians feel they are not sufficiently prepared to face financial emergencies related to lifestyle diseases, showed a recent survey.
“The reasons for financial worries cited by consumers underpin the stress caused by financial management of lifestyle diseases. Alarmingly, over 50 per cent Indians are not sufficiently prepared to face any financial emergencies related to lifestyle diseases,” according to a Financial Immunity survey by SBI Life.
The survey, aimed at getting insights into consumer predispositions in a post Covid world, reveals that financial security against critical illnesses remains the top worry, with 75 per cent not prepared to deal with expenses arising out of critical illness.
Family members getting Covid and insecurity around job were the other top worries of most of the respondents. It also revealed that for 62 per cent of the Indians, financial immunity is equivalent to being financially prepared to tackle any uncertainty related to life and health.
“The onslaught of coronavirus spread across the nation has made consumers more cognizant about their family’s health, especially with regards to the importance of having the right financial products to combat unforeseen medical emergencies,” the report said. Keeping in view the financial burden, the survey said that 61 per cent have bought or intend to buy critical illness plan cover to address the rising treatment costs and to avoid financial pressure on the family.
“While the consumer’s current state of financial preparedness towards any health emergency is inadequate, there is an encouraging newfound awareness on the need to build a robust Financial Immunity to safeguarded one’s future,” said Ravi Krishnamurthy, President, SBI Life. The survey, conducted along with Nielsen, reached out to over 2,400 consumers.