Assistant Professor, Department of Commerce with Computer Application, SNR Sons College, Coimbatore - 641045
Online published on 12 February, 2015.
Health is wealth. India is gradually becoming health conscious. Indians have realized the importance of health insurance. Owing to this realization, the medical insurance sector is one of the fastest growing segments in India today. The new economic policy and liberalization process followed by the Government of India since 1991 paved the way for privatization of insurance sector in the country. According to the Investment Commission of India the healthcare sector has experienced phenomenal growth of 12 percent per annum in the last 4 years. All rising income levels and growing elderly population factors are driving this growth. In addition, changing demographics, disease profiles and the shift from chronic to lifestyle diseases in the country has led to increased spending on healthcare insurance products. The study aims to evaluate the consumers’ awareness level of awareness about health insurance and the factors influenced them in selection of policy(s). It was found that consumers are aware of insurance schemes. And certain factors such as policy features, policy benefits have significant influence on the selection of insurance policy and purpose of holding it.
