Nearly 30% of Indians don’t have health insurance despite the various benefits it offers, including:
- Access to the best medical care without worrying about finances
- Cashless claim benefits to avoid out-of-pocket payments for medical expenses
- Lifetime renewability benefit that allows the policyholder to renew their health insurance plan without any restriction on age
- Coverage for pre and post-hospitalisation expenses, room rent, ICU charges, critical illness expenses and much more
Why are Indians opting out of this valuable investment?
Here’s a breakdown of why Indians don’t want to buy health insurance:
The I-am-too-young to buy health insurance mirage
A common myth amongst Indians is that they are too young to buy health insurance. Alternatively, many individuals feel too healthy to require insurance coverage. But that’s not the case. Buying health insurance when young and healthy has its own set of advantages, including lower premiums, no claim bonus and much more.
The myth of unaffordable premiums
Many Indians believe they cannot afford health insurance due to the regular premium payments. But this is not true. There are many insurers in the market that provide affordable health insurance options.
Additionally, the new regulations set by IRDAI (Insurance Regulatory and Development Authority of India) have allowed monthly, quarterly and yearly payments of health insurance premiums, making it easier for individuals to invest in a health insurance plan.
Lack of awareness
Unlike motor insurance, health insurance is not compulsory in India, causing people to overlook the importance of getting one. Most Indians believe that health insurance does not have a guaranteed return and consider it a risky investment as they are unaware of the protection health insurance can offer against sudden medical emergencies.
The unapproved claims dilemma
A common myth around health insurance is that most claims are rejected without proper reasoning and that most insurers refuse to help policyholders get the coverage promised. In reality, there are several insurance companies with good claim settlement ratios. Such companies guide you through the process of registering a claim so that you can successfully avail your insurance coverage.
The group health coverage justification
Many Indian employees opt out of buying an individual health insurance policy due to the group health insurance provided by their employer. Although group health insurance has its own perks, it is important to understand that the coverage from this policy is only available until the employee remains within the company. Additionally, in group health insurance policies, employees do not have the flexibility of choosing their own sum insured based on personal needs.
With rising medical expenses, it is important to invest in a health insurance plan that keeps the policyholder and their family financially protected. Because when it comes to medical emergencies, the only thing one should worry about is their health.