In a recent survey conducted by ACKO, a tech-first insurance company in India, alarming statistics have come to light regarding the state of health insurance coverage in the country. The findings reveal that a significant 68% of policyholders in India are insured for amounts below Rs 10 lakh, with a staggering 27% having coverage that falls below the Rs 5 lakh mark.
Furthermore, it has been observed that 64% of policyholders have not increased their coverage from the previous year, indicating a lack of awareness or urgency regarding the need for enhanced health insurance protection.
The survey also disclosed that 61% of potential buyers are not considering health insurance plans with a sum insured exceeding Rs 10 lakh, while a surprising 65% believe that a coverage limit of up to Rs 10 lakh is sufficient for their needs.
This comprehensive report is based on data gathered from 1000 respondents residing in six major metropolitan areas of India. The respondents, aged between 28 and 55, provided insights into their understanding of health insurance policies. It was found that 60% of the participants felt confident in their comprehension of policy terms and conditions. However, a closer examination revealed limited awareness of key features, such as cashless treatment (53%), accident covers (50%), and 100% bill payment (45%).
These findings underscore the pressing need for increased awareness and education about health insurance options and the importance of adequate coverage in the face of rising healthcare costs.