1 in 2 medical insurance avoiders understand insurance coverage to be a fancy product to know medical insurance insurance policies typically resemble cryptic scrolls. The language is dense, the phrases bewildering. Many battle to seek out the fitting match, a brand new research finds.

This research accomplished by monetary companies platform, Navi, unravels the enigma behind the hesitancy noticed amongst a good portion of the inhabitants. Additionally, it sheds gentle on the digital silent revolution, elucidating its transformative impression on the panorama of medical insurance within the nation.

Also Read: Affordable Health Insurance Sees High Demand, Employer Policies Not Sufficient: Report

The pattern measurement of the survey was 800 individuals.

Key findings of the research;

The Reluctance Factors: Key boundaries to purchasing medical insurance.

The “Forever Young” Fallacy (26%)

According to the data shared by Navi, 1 of 3 health insurance avoiders feel that insurance is not necessary if you are healthy – What they don’t know is Road accidents are not related to staying fit that a HI will cover

The myth persists: health insurance is for the elderly or the ailing. Why bother when you’re fit?

Life’s curveballs, such as unfortunate road accidents unrelated to fitness, do not discriminate. Buy early to get rid of the waiting period in time and enjoy lesser premiums.

ROI Dilemma: Beyond Investment (25%)

The study added that 1 in 4 health insurance avoiders don’t buy insurance as they feel there are no returns if not used or claimed.

“Why pay for something I might not use?” skeptics ask. Health insurance coverage isn’t a inventory market gamble; it’s peace of thoughts. with out medical insurance, when actuality strikes, find yourself dropping greater than what one may need saved.

Balancing Cost and Access (18%)

1 in 5 medical insurance avoiders don’t purchase insurance coverage as a result of notion of premiums being costly.

The premium puzzle vexes me. Cheaper options take cost (Govt hospitals / native clinics/residence cures), whereas insurance coverage prices loom. Again one has to pay an enormous price when issues don’t work out.

What Ignites Action? When issues get critical

1. Real-Life Stories (63%)

Experience speaks louder. Witnessing a buddy’s medical disaster or counting losses because of lack of insurance coverage triggers motion.

2. Social Media Influence (58%)

– YouTube tops the record adopted by Facebook and Instagram

Influencers break boundaries. SM’s digital gurus demystify insurance policies, crunch numbers, and communicate your language. They’re the compass guiding you to monetary security.

3. Ailments and Alarms (55%)

Health scares or when signs knock, individuals knock on the doorways of medical insurance – however this leads to paying increased premiums or added ready durations.

first revealed: April 12, 2024, 11:05 IST