Since the last few months, the COVID-19 pandemic has drastically changed lives across the world. Many countries have implemented various forms of restrictions including lockdowns to stop or decrease the spread of the coronavirus, leaving citizens indoors. This has resulted in a complete transformation in the way we live, interact, and work. Despite all the measurements taken the situation still continues to be rising each day, making the Coronavirus curve remain steep. In this present crisis, all the limelight falls on one aspect of our lives- our health.
The world has slowly started prioritizing health because the easiest way to stop coronavirus is to keep the immune system strong during this outbreak. People have started maintaining improved hygiene, better exercising, more water intake, and eating clean so that they can get through these unprecedented times, strong and healthy. One additional health measure that most people have taken is buying health insurance apart from a clean diet and increased workouts, in order to stay safe and healthy in this crisis.
As the famous saying goes, “precaution is better than cure “people are now more focused on their health care and insurance. Thus while most sectors are facing drop downs, the insurance sector is seen to make big benefits of the Covid-19 crisis.
One of the big eye-openers during the Covid-19 outbreak is the importance of having an adequate amount of health insurance. Many people have been hit financially because they lacked proper health insurance and did not have enough health insurance to fund the huge treatment costs of Covid-19. It is not just Covid-19 but the right amount of health insurance can help you tide over financial hardships related to medical expenses in general throughout life.
Before the spread of COVID-19 episodes, only 37 percent of millennials had health insurance plans that covered diseases like coronavirus, etc. Now, the percent has hiked up to 60. The rising awareness about health protection among people is a rare positive outcome of Covid-19 that was captured by a Health Insurance survey. The survey interviewed around 1,700 respondents in the age group 27-35, from 11 cities across the country.
People who have already covered some health insurance before are now revising their plans to check how beneficial and strong their current insurance is to meet other costs like quarantine, testing, and hospitalization. Hence a lot of people are planning for an increase in the sum assured or adding more of their family members into the family insurance plan. That is one change that has been notified. There is also an increase in the sales of a top-up product. So it is a mix of fear which that has brought in a digital adoption very quickly, resulting in higher sales.
