75% Hyderabadis prefer health insurance to life

75% Hyderabadis prefer health insurance to life
Highlights

A study by a health insurance company revealed that the city was emerging as one of the most evolved health insurance markets amongst non-metros. The consumer survey on how health insurance was perceived, bought and utilised in India revealed that 75 per cent of the respondents in Hyderabad considered health insurance more important than life insurance. Also the city’s reliance on savings to cover old age health expenses is the lowest amongst across

A study by a health insurance company revealed that the city was emerging as one of the most evolved health insurance markets amongst non-metros. The consumer survey on how health insurance was perceived, bought and utilised in India revealed that 75 per cent of the respondents in Hyderabad considered health insurance more important than life insurance. Also the city’s reliance on savings to cover old age health expenses is the lowest amongst across cities including top metropolitans like Delhi, Mumbai and Chennai, with 96 per cent expecting health insurance to cover them post retirement.

More than one-third of Hyderabad respondents expect health insurance companies to cover multiple health benefits like OPD treatment, maternity cover along with a good network of quality hospitals. The city’s emerging expectations highlight a shift in consumer preference towards comprehensive coverage over functional benefits like claim settlement or premium that has to be paid.

“Hyderabad is fast evolving as a value vis-a-vis price conscious health insurance market with a growing preference for higher ticket sized policies. With Rs 8 lakh as the average sum insured, the city is becoming conscious of the importance of being adequately health insured,” said Anika Agarwal, head-marketing, Max Bupa.

However, 79 per cent of Hyderabadis prefer an individual policy over a family cover, as opposed to other cities where a strong preference for family health plans was observed. Also tax planning is the first thing that comes to mind when Hyderabad respondents think of health insurance (18 per cent) followed by hospitalisation (15 per cent), as against other cities where the hospitalisation benefits are most commonly associated with health insurance. The study was conducted among 1,500 respondents across six cities including Hyderabad, Delhi, Mumbai, Chennai, Jaipur and Ludhiana.

Show Full Article
Download The Hans India Android App or iOS App for the Latest update on your phone.
More Stories


Top