Corona Kavach- Max Bupa Health Insurance

“In the last quarter, we have seen an increase in health insurance awareness translate into more demand and purchase. Our recent sales trends show that there is a strong preference for comprehensive covers among customers. People are opting for a comprehensive health cover that can guard them against Covid-19 and also insure them against a host of other unforeseen illnesses. Max Bupa registered strong 40% retail growth in Q1, FY 2021-22 which was driven by the purchase of our indemnity plans, that cover hospitalisation for Covid.

The Max Bupa Covid-19 survey conducted recently also highlights that 57% of people have a strong preference for comprehensive health insurance plans for protection against any unforeseen medical emergencies.  There is also a demand for short term Covid specific covers.  As per the initial trends, the Max Bupa Corona Kavach plan is garnering higher traction amongst first time buyers of health insurance. Around 80% of the people who have purchased the policy have opted for 9.5 months duration, 15% customers have opted for 6.5 months period and 5% have taken the policy for 3.5 months. 85% of buyers have purchased 5 Lakh cover which is the maximum sum insured in this Covid-19 specific plan. This clearly indicates that uncertainty around Covid-19 is leading people to buy health cover for longer duration.

The highest purchase of Max Bupa Corona Kavach plan is by Millennials as 43% buyers are in the age group of 18-30 years. It reflects that millennials who are usually not keen on buying health insurance have become more serious about health covers as they realize its benefits during pandemics like Covid-19.Max Bupa Corona Kavach is a simple policy that a customer can easily buy end to end digitally. For ease of purchase, Max Bupa has designed an intuitive buying journey and people can buy the policy seamlessly from our company’s website within 5 minutes. Our internal data shows that customers from Bangalore and Hyderabad are the ones who are prioritising health insurance purchase much more as compared to other cities.”