In charts | The medical health insurance puzzle: 83% Indians conscious however solely 19% coated

This possession hole exists regardless of excessive consciousness ranges; practically 83% of respondents declare they perceive medical health insurance as a monetary product and recognise its significance. Moreover, over one-third of respondents have thought-about buying medical health insurance, and about 23% had owned insurance policies prior to now however have allowed them to lapse.

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When rating important monetary merchandise, medical health insurance was positioned within the prime 5 however considerably trailed behind different funding choices. Gold led preferences at 54%, adopted by insurance-linked financial savings schemes equivalent to Life Insurance coverage (43%), mounted and recurring deposits (42%), and actual property (40%). This prioritization means that medical health insurance is perceived as much less helpful than different monetary merchandise, probably as a consequence of considerations about value and effectivity.

Price considerations are evident within the protection quantities chosen by policyholders. The survey discovered that 48% of medical health insurance house owners have protection of ₹5 lakh or much less. Protection charges have been notably low in tier 2 and tier 3 cities, the place insurance policies price as much as ₹5 lakhs have been most typical. The second hottest protection vary amongst all respondents was between ₹5-10 lakhs.

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Within the absence of medical health insurance, respondents reported numerous different methods for dealing with medical emergencies. About 21% of these with out medical health insurance stated they might depend on investments in mutual funds, shares, or related autos to cowl well being prices. About 16% would resort to borrowing from family and friends or taking private loans. What was most regarding is that 19% of respondents admitted they haven’t any plan in place for medical emergencies.