HYDERABAD: A COVID-19 survey by MAX Bupa, a health insurance company, threw light on the impact of the novel coronavirus disease on the behavioural patterns of people towards health insurance.
The research which was conducted across 11 markets including Hyderabad Delhi, Mumbai, Bangalore, Chennai etc in the pre and during Covid-19 period talks about the pandemic has brought changes in the mindset of people, triggers of purchase and expectations from health insurance.
The survey highlights that coronavirus has led to an increased awareness amongst people about the importance and benefits of health insurance during a pandemic situation like Covid-19. Earlier only 22% people in Hyderabad were interested in purchasing health insurance as a protection against new-age diseases and medical emergencies and now 84% of respondents consider health insurance as a necessity in being more prepared to fight unforeseen pandemic like Covid-19.
With the increasing number of incidences and inflating medical costs, people have become more concerned and inquisitive about Coronavirus coverage in health insurance plans. People in the city consider health insurance as an important financial tool and 80% of respondents want to prioritise purchase of health insurance.
About 68% of the respondents are willing to pay more premium in the next two months to get coverage for Covid-19. Anika Agarwal, Director - Direct Digital Business & Marketing, Max Bupa Health Insurance said, “We offer comprehensive hospitalisation plans that cover the cost of Covid-19 treatment. In addition to this, we also pay for personal protective equipment (PPE) upto a reasonable amount under all our plans. So far, we have received approximately 1,700 Covid-19 claims. Over 95% of all such claims have been prioritised and approved within 30 minutes on a cashless basis. We have also recently launched Corona Kavach for stipulated time-period ranging from 3.5 months to 9.5 months.”
She added, “Today, we are seeing a tectonic shift in the health insurance industry, with more and more people opting for comprehensive covers. We are seeing this growing awareness translating into purchase from all over the country, including Tier II & III markets. In Hyderabad, in the last four months, we have seen business growth has increased by 23%, as compared to growth in the same period last year. Also, in just one month, we have seen an 80% growth in health insurance policies being purchased online in the city which shows that people in Hyderabad are prioritising health insurance.
