Insurance

Startling health insurance findings by Tata AIG Life

Tata AIG Life Insurance Company Ltd (Tata AIG Life) released the findings of a unique survey titled ‘Health Matters’ Index 2006, a comprehensive, first-of-its-kind survey to assess the awareness and the need for accident and health insurance as well as critical illness covers in India.

The survey reveals 71 per cent of Indians are not adequately financially protected against any major illnesses and about 72 per cent of respondents will not be able to sustain themselves and their dependents financially for more than a year if their main source of income was eliminated due to sickness or accident.

While 65 per cent respondents felt that they were inadequately covered to meet the rising healthcare, hospitalisation and surgical expenses and 67 per cent were extremely concerned about accidents and disabilities adversely affecting their financial stability, 43 per cent of respondents did not feel the need to be covered by health insurance.

About 65 per cent respondents rate cashless hospitalisation admission and care as an extremely important attribute in selecting a medical insurance product. Interestingly, the survey revealed a high preference among respondents, of about 79 per cent, who expressed their desire to purchase a health insurance product for their children.

The survey revealed that the average age of owning an insurance policy in India is 28 years which is a positive sign and indicates a growing awareness amongst the youth towards the need and importance of insurance. While 41 per cent of respondents expressed a preference for private medical care post retirement, only 27 per cent expressed a desire for public medical care post retirement.

Said Bimal Balasingham, Director, Tata AIG Life Insurance Company Ltd, "The survey is an initiative aimed at assessing and understanding the needs and expectations of consumers for insurance products." The survey was conducted with a sample size of 1,200 respondents in India.

EH News Bureau