27% Indians Underinsured, Sell Properties in Health Crisis | Key Findings Here

Outlook Business Desk

Low Coverage Amount

According to Policybazaar, over 75% of health insurance buyers in India are covered under Rs 10 lakh despite the increasing cost of medical treatments.

Many Indians Underinsured

Around 27% of policyholders have health insurance cover of less than Rs 5 lakh, which may be insufficient in case of major hospitalisation.

Upgradation Concern

64% of buyers have not increased their sum insured since last year, showing hesitation in updating coverage despite inflation.

Reluctantcy for Higher Coverage

61% of potential insurance buyers are not interested in plans offering coverage above Rs 10 lakh, the report found.

Younger Buyers Opting Higher Coverage

The survey shows that individuals under 35 years are more likely to opt for coverage over Rs 15 lakh compared to older age groups.

Low High-Cover Uptake

Only 10% of buyers aged above 35 go for plans over Rs 15 lakh, indicating a reluctance to invest in higher protection

Experts View

Sarbvir Singh, joint group CEO of PB, highlights that in times of crisis, many consumers prefer selling ancestral assets or borrowing money over opting for simple, accessible solutions like health and life insurance.

Source: policybazaar.com

Home Loans To Get Cheaper as RBI Cuts Repo Rate: Here Are the Lowest Rates in April 2025

Read More