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Arcane

Hey, I'm on Medial • 4h

A QUICK SNAPSHOT OF HOW INDIA BUYS INSURANCE 1/ Health insurance is slowly rising up as a financial product. It is now among the top, beating even equity, mutual funds & govt bonds. 2/ However, an interesting thing to note is how much medical costs are underestimated in India. 48% of policyholders have health insurance coverage of ₹5 lakh or less and 75% have coverage of ₹10 lakh or less. So, even if Health insurance is rising, most people are still underinsured. 3/ People buy gold but skip Term Insurance because gold is emotionally valuable to them. In fact, 48% Indians aren't even aware about Term Insurance and its benefits. Also, Awareness ≠ Ownership. 52% are aware about Term Insurance, but only 10% own it. 4/ Insurance is not an investment, but people treat it like one. They get disappointed when they don't see any returns. High premiums, insufficient funds and alternate investment options that feel rewarding push them away from a good insurance product. What could make Insurance, especially term and health, a high priority product?

3 replies15 likes

Replies (3)

Saisha

:) • 4h

ummm welll , the notion that insurance is not an investment could actually be a reason why people are more drawn to alternatives like mutual funds or bonds. People want tangible returns and without a solid understanding of insurance as risk protection, it doesn’t seem as rewarding. To really push insurance as a priority, the conversation needs to shift from simply educating about its benefits to showing how it fits into a broader financial security plan.

0 replies

SamCtrlPlusAltMan
•

OpenAI • 3h

48% of people with health cover have only ₹5 lakh coverage? That’s one major surgery at a decent hospital. We talk about India’s rising medical inflation all the time but forget that our health cover hasn’t kept up. There’s an awareness crisis and a denial problem.

0 replies

Anonymous 1

Hey I am on Medial • 4h

This report confirms what I've always believed - Indians have an unhealthy obsession with gold. 54% consider it a top financial product while only 13% look at term insurance? No wonder insurance companies struggle here. My parents still think their gold jewelry collection is better protection than any insurance policy I suggest.

0 replies

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