Why Should You Buy Health Insurance Policy? Five Things To Know
In the era of rising medical cost and a greater propensity of falling prey to medical ailments, the need to take health insurance cover has, lately, become more important than ever before. There is no denying the fact that the penetration of health insurance is abysmally low in India. And the experts attribute the reasons for this to the lack of awareness among consumers, poor services of a section of insurers, lack of healthcare infrastructure, among others. Jyoti Punja chief customer officer of CignaTTK Health Insurance Company, says penetration of health insurance in India can be expanded by sensitizing the consumers. "It's important to educate people on the importance of health insurance since the lack of awareness has proved to be one of the major hurdles in penetration of insurance across the country." said Punja.
Another flaw that is prevalent in the industry is being under-insured, for instance, a 50-year individual who ideally should take a medical insurance policy offering a cover of (say) Rs 5 lakh-considering his age and vulnerability of falling ill, ends up taking a medical insurance cover of a mere Rs 2 lakh.
"Even those that are covered are under-insured and unaware about it," said Sanjay Datta, chief, underwriting and claims, ICICI Lombard General Insurance.