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The Reality of Health Insurance in India: Are We Underinsured?

Awakening to Health Insurance

The ongoing COVID-19 pandemic has acted as a wake-up call, highlighting the critical importance of health and the need for robust health insurance coverage. This crisis has not only magnified awareness about health but has also driven a surge in understanding the vital role that health insurance plays.

Health Insurance
Health Insurance

Understanding Health Insurance Terms

Amid this heightened awareness, ACKO, a tech-driven insurance company, has conducted a revealing study known as ‘The ACKO Health Insurance Index.’ This study surveyed 1,000 respondents in six Indian metros, aged between 28 and 55, and uncovered some intriguing insights.

The Alarming Underinsurance Trend

One of the most alarming findings of the report is the prevalence of underinsurance among Indians. A staggering 68 percent of policyholders surveyed have health coverage of less than Rs. 10 lakh, with 27 percent having coverage below Rs. 5 lakh. Even more concerning is that 64 percent have not increased their coverage from the previous year.

Health Insurance Expectations

The report also sheds light on policyholders’ expectations of health insurance. Over 46 percent believe that their health insurance should cover the entire hospital bill, including consumables. Similarly, 59 percent of potential buyers actively seek policies offering 100 percent bill payment.

The Necessity of Health Insurance

Despite their low coverage, both existing and potential policyholders firmly believe in the necessity of health insurance. For 48 percent of potential buyers, having a health policy is a must, irrespective of their health condition. It offers assurance of the best medical care for 44 percent and addresses the burden of inflated healthcare costs for 41 percent.

How Indians Buy Health Insurance

Interestingly, the report also explores how Indians are purchasing their health insurance policies. A growing number of customers, both potential buyers and policyholders, are inclined to buy directly from insurance companies. This trend signifies increasing awareness of the benefits and cost-efficiency of direct purchases. However, third-party intermediaries still play a significant role in the insurance market.

Understanding the customer’s mindset regarding health insurance is crucial, and ACKO’s Health Insurance Index has identified critical gaps in coverage and expectations. These insights can guide insurers in offering a more comprehensive and satisfying health insurance experience.

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Tags: ACKO Health Insurance IndexawarenessClaim ProcesscoverageCOVID-19 pandemicDirect PurchaseFamily Floater PlansHealth InsuranceNetwork HospitalsPolicyholdersUnderinsuredWaiting Periods

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