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In the face of rising premiums on insurance, we decided to embark on a journey to unravel, how Bangaloreans perceive insurance. Read this blog to know why insurance is a must-have.
Welcome to Bangalore! Nestled in the heart of India's Silicon Valley, where the fragrance of tradition intertwines seamlessly with the innovation of the future.
As you stroll through the lively streets of Bangalore, you'll be captivated by the warmth and friendliness of Bangaloreans!
The waves of globalization that swept across the city’s boundaries brought with them a sea of opportunities, and Bangaloreans embraced this change with open arms.
The city witnessed a technological revolution, and its heartbeat quickened with the rhythm of progress. But as the city’s skyline soared, so did the cost of living.
The soaring rent, and the daily struggle for affordable healthcare coupled with the ever-increasing prices of essentials like insurance, tested the mettle of Bangaloreans.
In the face of rising premiums and complex policy structures, we decided to embark on a journey to unravel, how Bangaloreans perceive insurance.
Through our candid interviews with a few Bangaloreans from different age groups, professions, and backgrounds, we delved into their perspectives on insurance and its role in their lives.
Here’s what we can learn from what they have to say.
When we asked a few Bangaloreans Do you know what insurance is?
The hot answer we got was, "If I die, my family will get money."
In reality, insurance is a way to manage risk. It is a way to protect yourself from financial loss in times of an unexpected event.
When you buy insurance, you are essentially paying a premium to the insurance company in exchange for their promise to pay you a certain amount of money if something bad happens.
When we asked them Are you insured right now?
A person working in an IT company answered, “No I am just 26 right now and haven’t thought about it really.”
What is the best age to start an insurance plan?
The best age to start an insurance plan is generally in your 20s. You will also have more time to build up savings for your retirement.
Here are some of the benefits of starting an insurance plan at a younger age:
When we asked Bangaloreans How much do you think insurance premium costs?
The answers we got were, “I think maybe close to 500 a month” while another guy answered, “Around 10-15k a month I guess.”
Many people are unaware of the cost of insurance premiums, which can prevent them from purchasing insurance coverage.
So, let us explore what premium you should expect per month if you opt for insurance in Bangalore.
The cost varies depending on the type of insurance, the coverage you choose, and your individual circumstances.
However, in general, you can expect to pay more for insurance in Bangalore than in other parts of India. This is due to the high cost of living in this city.
Here are some examples of the average cost of insurance in Bangalore:
Next, we decided to do something fun, and ask people: If you could insure a talent of yours what it would be?
We found an enthusiastic musician who said, “I would like to insure my music skills.” While another guy said funnily, “For me, it would be my humor.”
There are many different types of insurance available, covering a wide range of risks and assets.
So let us explore what are the different types of insurance:
We were curious to know how much literacy Bangaloreans have regarding insurance, so we decided to ask them, “What is the best vs worst insurance advice you have gotten.”
“I have never received advice on insurance.” said one student.
The lack of mentorship on insurance and finance in schools and from elders can also contribute to a lack of financial literacy. Insurance is essential for financial security.
While a fitness enthusiast answered, “It's a burden to pay premiums so don't get health insurance instead spend that amount on a healthier lifestyle.”
Despite the growing insurance market, there is still a significant gap in understanding insurance products and their benefits.
Here are some key reasons why insurance literacy is essential in India:
We wanted to understand how much Bangaloreans trust insurance companies, so we thought of asking, Do you think insurance is a scam?
The very first answer we got was, “I think it is sometimes because a lot of companies try to get away without paying anything.”
While another guy declared that, “80% of insurance companies are scams.”
Insurance scams are a growing problem in India, and it is important to be aware of them so that you can protect yourself.
Here are some tips on how to protect yourself from insurance scams in India:
If you think that you may have been the victim of an insurance scam, you should contact the Insurance Regulatory and Development Authority of India (IRDAI) immediately. You can also file a complaint with the police.
The cost of living in Bangalore can be high, but it is possible to live comfortably on a budget.
However, it can vary depending on your lifestyle and location.
Here are some of the essential aspects that shape the Bangalore cost of living:
Bangalore is a large and rapidly growing city with a population of over 13 million people. As a result, the cost of insurance in Bangalore is relatively high.
But there are some specific reasons why Bangaloreans need to get insurance:
For these reasons, it is important for Bangaloreans to specifically have health insurance.
Health insurance is a financial contract between an individual (the policyholder) and an insurance company (the insurer) that provides financial protection against the cost of unexpected medical expenses.
Health insurance can be purchased for individuals or families, and there are a variety of plans available to choose from.
If you are not already insured, we urge you to consider getting a policy. Insurance can give you peace of mind knowing that you are protected in case of an emergency.
There are many different insurance providers out there, but if you're looking for affordable health insurance, Jar is the one.
Jar offers health insurance plans with the lowest premium starting at just ₹17/day, and includes more than 15 benefits, some of which are:
So, secure your future with Jar health insurance.