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Today Date : Monday, May 20, 2024

More people in tier 2 cities than tier 3 opt for health insurance: Policybazar's survey

More people in tier 2 cities than tier 3 opt for health insurance: Policybazar's survey

Policybazaar surveyed 5000 consumers to closely understand the behavioral shift in insurance buying trends and has reported a growing level of propensity to buy insurance, especially in tier-2 and 3 cities of India.
Similar trends were observed in term insurance, where 59% of respondents who want to increase their coverage belong to tier-3 cities, as compared to 26% from tier-1 cities. 

The survey results clearly point towards the sense of urgency spurred by the pandemic with respect to insurance awareness across the country. 

Out of the respondents who had contracted Covid, 25%* were hospitalized. We found out that 18% of them ended up spending over Rs 15 lakhs, and 22% were not adequately covered by their existing policy. Also, it is disquieting to see that 13% of those who got Covid did not have health insurance in place. 

These figures clearly demonstrate that one should opt for at least Rs 15-20 lakhs coverage for each family member. As many as 62% of the total respondents had an active policy and didn’t just depend on their corporate cover.