News Corp owned BigDecisions.com, India’s leading personal finance advisory platform, has today announced that it has partnered with Edelweiss Tokio Life Insurance for BounceBack – an initiative to create awareness around the need for critical illness insurance in India.
This initiative is the result of the findings based on BigDecisions.com’s user data and a survey conducted by Paramount Healthcare Management, which revealed limited awareness about this insurance offering:
● Only 2% of the 370,000 unique visitors, knew the existence of critical illness insurance policies
● 98% visitors did not know that it was different from life and health insurance
● Heart Valve Replacement (HVR) was the most expensive disease to treat in Delhi, Hyderabad, Chennai and Bengaluru, with the cost of treatment ranging from Rs. 3.8 to 6.2 lakhs, for which patients did not have sufficient savings to meet the expenditure incurred
● Only 1,400 monthly search volumes for Critical illness insurance in India
Launched in February 2016, BounceBack aims to create awareness about critical illness insurance, by acquainting people with the impact of cancer, diabetes, dialysis, cardiovascular diseases and even road accidents on their personal finances.
It profiles survival stories, besides enabling people to get to know critical illnesses better through articles, smart calculators, data-driven infographics, e-books, and quizzes.
It also impresses upon them the steps they can proactively take on the financial front, to protect themselves from the adverse impact of critical illnesses.
This initiative has till date acquainted 475,000 people with the financial impact of critical illnesses.
200,000 visitors have used BigDecisions.com’s Income Replacement Calculator, 2,000 E-books have been downloaded and 8,000 people are already subscribing to the newsletter.
Speaking about these initiatives, Manish Shah, CoFounder and CEO, BigDecisions.com said, We at BigDecisions have always worked towards giving our users access to resources so as to help them be in control of their financial decisions.
It is only by empowering people with knowledge through engaging content that is easy to consume, can we drive home the importance of planning for a financially secure future.
We thank Edelweiss Tokio Life Insurance for partnering with us in our endeavor to create greater awareness about this lesser known, but essential insurance category.
We have seen that critical illness is a subject that rarely crosses people’s minds, in terms of a product solution but the physical, emotional and financial consequences can be devastating.
Through BigDecisions.com, Edelweiss Tokio Life Insurance has reached a large audience with the message that there are ways to protect yourself.
We have seen a significant impact from the income replacement calculator, as well as survivor stories - they really drive home the reality of financial strain caused by critical illnesses, added Priyank Govila, SVP & Business Head, eCommerce & Digital Marketing, Edelweiss Tokio Life Insurance.