Increased premiums and lack of urgency together with excessive complexity are the prime motive for a lot of Indians not shopping for medical health insurance, discover a survey on the pattern amongst insurance coverage consumers in India.
Lack of affordability, larger premiums, problem in understanding medical health insurance clauses, and inadequate funds, emerged as the primary obstruction for people who find themselves keen to purchase medical health insurance, in line with the policybazaar.com’s report, titled ‘How India buys Insurance coverage’.
As per the survey, 43 per cent of all of the respondents who did not take any medical health insurance cited excessive premiums as the primary motive for not doing so. Out of the whole individuals who participated within the survey, 19% did not even perceive how a medical health insurance coverage works. 33% of the respondents did not discover any urgency in shopping for medical health insurance.
Notably, larger premiums have been one of many foremost causes for lapse amongst medical health insurance lapsers. 47% of the medical health insurance lapsers cited larger medical health insurance premiums as the primary motive.
The report additionally mentions that medical health insurance premiums grew to become a extremely costly post-COVID pandemic. “In 2021, the nation registered the best medical inflation price among the many Asian international locations at 14 %,” mentioned the report.
2020 witnessed highest variety of Well being Insurance coverage purchases within the final 5 years
Within the report, it was discovered that many of the respondents within the survey bought their medical health insurance in 2020. Out of the whole insurers, 22% bought their insurance coverage in 2020. However, 5% of the insurers who participated within the survey purchased their medical health insurance in 2022.
93% of individuals learn about medical health insurance, however solely 43% of them personal one
The report offered a stark hole between the people who find themselves conscious of the significance of medical health insurance and individuals who find yourself shopping for one. 93% of the individuals who took half within the survey have been conscious of the supply of medical health insurance insurance policies, and 73% rated medical health insurance as “crucial” to have. Nonetheless, solely 43% of them had an lively medical health insurance coverage.
The report acquired inputs from 3327 respondents coming from 27 cities throughout India. The fieldwork was carried out from February to March 2023.
Up to date: 05 Jul 2023, 02:33 PM IST