Outlook Business Desk
According to Policybazaar, over 75% of health insurance buyers in India are covered under Rs 10 lakh despite the increasing cost of medical treatments.
Around 27% of policyholders have health insurance cover of less than Rs 5 lakh, which may be insufficient in case of major hospitalisation.
64% of buyers have not increased their sum insured since last year, showing hesitation in updating coverage despite inflation.
61% of potential insurance buyers are not interested in plans offering coverage above Rs 10 lakh, the report found.
The survey shows that individuals under 35 years are more likely to opt for coverage over Rs 15 lakh compared to older age groups.
Only 10% of buyers aged above 35 go for plans over Rs 15 lakh, indicating a reluctance to invest in higher protection
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.