Health insurance remains a subject of scepticism and hesitation among many Indians despite its critical importance in safeguarding against unforeseen medical expenses. The complexities, myths, and perceived lack of value associated with health insurance contribute significantly to this reluctance, according to a recent study by Navi Health Insurance.
The study titled “Decoding Health Insurance: Why Many Indians Still Hesitate” by Navi Health Insurance sheds light on these barriers and offers insights into what drives action toward purchasing health coverage, including the growing interest in innovative platforms.
The Reluctance Factors
Complexity: The Knot Of Confusion (45 Per Cent): According to the study, a staggering 45 per cent of individuals avoid health insurance due to its perceived complexities. About 50 per cent of those who avoid health insurance perceive insurance to be a complex product to understand. The intricate language and bewildering terms of health insurance policies often deter potential buyers, leaving them struggling to find a suitable plan that meets their needs.
The “Forever Young” Fallacy (26 Per Cent): About 33 per cent of people who avoid health insurance feel that insurance is not necessary if one is healthy. Another notable barrier is the misconception that health insurance is unnecessary for the young and healthy. Many believe that staying fit exempts them from the need for coverage.
ROI Dilemma: Beyond Investment (25 Per Cent): One in four of those (25 per cent) who avoid health insurance do so as they feel there are no returns in case the policy is not used or claimed, according to the study.
Balancing Cost and Access (18 Per Cent): One in five individuals, i.e., 20 per cent of those who avoid health insurance do so due to the perception of premiums being expensive. Cost concerns also play a significant role, with 18 per cent of individuals citing expensive premiums as a reason for avoiding health insurance. Cheaper alternatives, such as government hospitals or home remedies appear attractive, according to the study.
What Ignites Action?
Real-Life Stories (63 Per Cent): Personal experiences, such as witnessing a friend's medical crisis or suffering losses due to lack of insurance, are potent motivators for purchasing a health coverage.
Social Media Influence (58 Per Cent): Influencers on platforms like YouTube, Facebook, and Instagram also play a crucial role in demystifying health insurance policies and influencing consumer decisions.
Ailments and Alarms (55 Per Cent): Health scares or the onset of symptoms often prompt individuals to seek health insurance, albeit at potentially higher premiums due to pre-existing conditions.
According to the study, a lot of customers are warming up to insurance due to factors, such as affordability, no hidden fee assurance, tangible care, which include free health check-ups, and consultations.
