The level of insurance Indian has is underrated.

As per the survey of ACKO, When it comes to terms and conditions, policyholders are least aware of the availability of unlimited coverage, consumables cover and room rent capping.
* A very large 68 % of policyholders in India only have a medical cover of under Rs. 10 lakh.
* 61 per cent of potential buyers are not looking at buying health insurance with a sum insured over Rs 10 Lakh and 65% felt coverage of up to Rs. 10 lakh is adequate.
* The report surveyed 1000 respondents across six metros in India between the ages of 28 and 55 and discovered that 60% of the respondents feel they understand the terms and conditions of their health insurance policy.
* The assessment of policyholders’ comprehension of terms and conditions highlighted limited awareness of only three crucial features – cashless treatment (53%), accident covers (50%), and 100 percent bill payment (45%).
* Over 46 per cent of policyholders believe that their health insurance policy will cover the entire bill of hospitalization along with consumables. Similarly, 59% of potential buyers are actively looking for a health insurance policy that offers 100% bill payment.
* 31% of policyholders believe that they are covered by their health insurance policy from day 1 while 27% have stated that there are no waiting periods in the health insurance policies.
* 71% of policyholders and 72% of potential buyers would opt for a family floater plan since it allows them to add their parents, spouse, and children to the same policy without having to buy separate policies.
* 43% of both policyholders and potential buyers expressed that a slow and unwelcome claim settlement process is a Disincentive when it comes to health insurance policies.
* A major factor for potential buyers and policyholders when evaluating health insurance policies is that they want insurance companies to pay the entire bill of hospitalization. The lack of this feature is a disincentive for 47% of policyholders and 56% of potential buyers.
* 41% of both policyholders and 44% of potential buyers are concerned about the insurers not having a good network with hospitals.
* Potential buyers, 48% feel it is necessary to have a health policy irrespective of any health condition, 44% believe it will offer them the best medical care and 41% understand it will address the inflated healthcare costs.
* Amongst potential buyers, 30% are considering buying their health insurance directly from the insurance provider digitally while 36% say they will opt for policies sold by aggregators and 33% prefer going to a third party for their insurance needs.
* An Unlimited Health Insurance Policy is a medical insurance plan that provides an unlimited sum insured. It implies you can get coverage for expensive medical treatment without worrying about exhausting the sum insured.

Courtesy: Business Standard.

Report by Suman Sharma, Editor- B2B Kahani, Kolkata