Understanding consumer perception of middle-class India towards health insurance

Abstract

The role of insurance activities in macroeconomic development finds one of its earliest recognitions in the proceedings of the United Nations Conference on Trade and Development (UNCTAD): “A sound national insurance and reinsurance market is an_ essential characteristic of economic growth” (UNCTAD, 1964). Through this report, we tried to analyze and establish the chief reasons as to why this middle population of the country is adverse to buying insurances. Through surverys of 72 individuals and running descriptive method on the same, we found that prices is one of the major factor that the middle population is deprived of insurances. But it is not the sole factor, the population do need other services like OPD coverage and lesser waiting period for pre-diagnosed diseases. We conclude by recommending that the government should intervene and come up with products that the industry is not able to come up with because health cost is a social cost to the government which pushes a lot of people in poverty every year.