A recent survey conducted by ACKO, an insurance company, has unveiled some concerning statistics about health insurance coverage in India. The survey, which included over 1,000 participants aged 28 to 55 from six major Indian cities, highlights that approximately 68 per cent of Indians possess health insurance coverage of less than ₹10 lakh, with 27 per cent having coverage of less than ₹5 lakh.
One significant revelation from the survey is the increased awareness about health insurance following the COVID-19 pandemic. However, despite this heightened awareness, the majority of Indians still lack adequate health coverage when compared to the rising medical expenses.
While 60 per cent of respondents claim to understand policy terms and conditions, their knowledge primarily revolves around cash treatment, accident coverage, and full bill payment. Notably, 60 per cent of those surveyed do not consider purchasing health insurance with coverage exceeding ₹10 lakh, and 65 per cent believe that ₹10 lakh of coverage is sufficient.
Another concerning finding is that 64 per cent of respondents have not increased their coverage and have maintained it at the previous year's level. When it comes to policy coverage, 46 per cent of policy holders state that their health policies cover ‘hospitalization along with consumables,’ while 59 per cent of potential buyers are seeking policies with 100 per cent bill payment. The survey also revealed that 27 per cent of participants are unaware of waiting periods in health insurance policies, and 31 per cent believe they are covered from day one.
Family floater policies emerged as a popular choice among both existing and potential policyholders, with 71 per cent and 72 per cent favouring them, respectively. Participants cited the option to include parents, spouses, and children in the same policy as the primary reason for their preference.
Several deterrents were identified that discourage individuals from purchasing health insurance. These include a slow claim settlement process, partial bill payment, and a lack of adequate network hospitals.
Image used for representational purposes only.