9 in 10 Indian policyholders seek auto-replenish feature in health insurance

Yet, 32% are still unaware of the details of their plans.

Nearly a third of India’s policyholders are fully aware of the coverage details of their health insurance plans, revealed a study commissioned by Future Generali India.

The survey, conducted between 7 and 16 April, gathered responses from 814 health insurance holders aged 25 and above across metros and non-metros in India.

Despite this limited awareness, 63% of respondents initially believed their policies were adequate for unforeseen medical expenses.

However, the data shows a sharp shift in perception once individuals make a claim. 

Amongst the 409 respondents who had filed a claim, more than two-thirds reported feeling vulnerable and worried upon realising their insurance cover had been exhausted. 

This reaction was largely due to unexpectedly high medical bills that exceeded their policy’s coverage limits.

The study also highlights growing concern about the impact of inflation on healthcare affordability. 

About 78% of respondents either doubted or were unsure whether their current health insurance plans would be sufficient to meet rising medical costs. 

Correspondingly, 82% expressed concern about financial hardship due to escalating healthcare expenses.

These financial worries appear to influence how people approach insurance decisions.

Eighty-one percent of respondents described the process of choosing a health insurance policy as stressful, confusing, or anxiety-inducing. 

Even amongst claimants, a high level of emotional strain was reported during the claims process.

In light of these issues, 92% of policyholders said they would be more likely to purchase a health insurance product that automatically replenishes coverage limits once exhausted, without requiring additional premiums.