Indians are more concerned about insuring the health of their loved ones than their own,reveals Max Bupa Health Insurance Pulse 2015. The first of its kind multi city study was conducted to understand how Health Insurance is perceived, bought and utilized in India.
The study conducted among 1500+ respondents in leading metros like Delhi, Mumbai, Chennai and tier 1 and 2 centres like Hyderabad, Punjab and Rajasthan states that 6 out of 10 Indians prefer family health cover as against 4 out of 10 for individual cover.
More than two third of those planning to buy Health Insurance wish to cover their children (70%), followed by the spouse (66%).
Nearly 30% of respondents who are planning a family also think of buying Health Insurance. The decision regarding Health Insurance purchase is driven by the family with the spouse as the strongest influencer, which shows that Health Insurance is no more just the bread winner’s call.
More than half of the owners (54%) self-initiate the purchase process. However, only 40% Health Insurance policy renewals were self-initiated by the owner, which shows that people don’t understand the long term benefits of Health Insurance.
The study also brings into focus the shift in age groups of Health Insurance buyers, with 32 years emerging as average age of Health Insurance purchasers across cities.
Contrary to popular belief, tax planning and age are not the only triggers for the purchase of Health Insurance in India. Doctors’ advice (50%) is a key reason for Health Insurance purchase, followed by rise of lifestyle diseases (33%), tax planning (31%) and age (31%). Furthermore, in addition to hospitalization, consumers also seek day care treatment (41%), loyalty or renewal benefits (40%) and new benefits like maternity (34%) as significant features in their Health Insurance cover.
Amongst purchase channels, more than half of the people purchase or intend to purchase Health Insurance from an Agent 58% which clearly shows the dependency and trust on agents. Banks also emerged as a preferred channel of purchase in the metros.
The study reveals that amongst all 6 cities, the average sum insured is Rs 6, 25,000 and the average annual premium paid is Rs12,000.