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Arcane

Hey, I'm on Medial • 2m

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?

4 Replies

Replies (4)

Saket Sambhav
•

ADJUVA LEGAL® • 2m

Health Insurance got famous only after COVID. I think it as a good investment as it gives a peace of mind. Also, there are combo investments plans which are market linked also. This way, the insurance can be seemed as investment. e.g. Life Sanchay HDFC

Greg

👤 • 2m

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.

SamCtrlPlusAltMan
•

OpenAI • 2m

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.

Anonymous 1

Hey I am on Medial • 2m

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.

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Smoking is not only injurious to health, smoking is injurious to your health insurance also.

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designer rishaj

Graphic designer • 1y

Why india had bad 4g coverage ? Even after 5g is launched

9 Replies

vishal Kumar

Hey I am on Medial • 10m

Just out of curiosity, Is there any super app which is simple yet gives u a dashboard for everything such as your CIBIL, FAMILY HEALTH INSU, TERM INSURANCE, VEHICLE INSURANCE, YOUR TERM DEPOSITS INFO ETC...and Gives you a combined score in term of ho

6 Replies

Aditya Narayan

Hey I am on Medial • 3m

Corporate health insurance with wide range of coverage for their families. Premiums decided every year by a mandatory full body checkup. Claim process eased out corporate wise. A dedicated team at every tech park to cater to peoples needs.

rugved giri

Health care delivery • 6m

I need a guy with great knowledge in health insurance policy in india. She/He should be aware of industry in a better way in order to build a team and raise the funds.

4 Replies