In India, health insurance is a still a growing market. While health insurance is much more popular than life insurance, it has still not reached its full potential in the entire country. A study conducted during the 2015-16 period estimates that about 36 crore Indian lives are protected by health insurance covers. In terms of percentage value, this represents only 30% of the country’s population.
With the growing number of insurance companies in the market, the number of takers for health insurance is growing. However, a huge segment of the Indian population is yet to get coverage for themselves or their families. There are many reasons as to why health insurance penetration is still low in India. While the cost of health insurance is often cited as the reason, there may also be a host of other reasons why Indians skip buying health insurance.
Some of the common reasons for not buying health insurance can be listed as follows.
Health insurance is something that is extremely important irrespective of your age, income, or profession. Since there are no returns associated with health insurance policies, some people consider this to be an unnecessary expense and are apprehensive about spending money on it. The main reason to get a health cover is the financial security one can obtain from this. In a time of unpredictability, health insurance can prevent a scenario where your entire savings get depleted due to medical bills. There are plenty of reasons why you must have medical insurance at all cost.
Being optimistic is always good. However, this should not stop you from getting protection against various unexpected threats. By spending a little money on premiums every year, you can get protection for yourself and your entire family against various health hazards. This is exactly why you must consider investing in health insurance.
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