Analysis of consumer behaviour in health insurance sector

Abstract

Health is riches. India is progressively becoming health aware. Indians have acknowledged the need of health insurance. Owing to this awareness, the medical insurance market is one of the fastest expanding areas in India today. The new economic strategy and liberalization approach implemented by the Government of India since 1991 prepared the door for privatization of insurance industry in the nation. . According to the Investment Commission of India the healthcare industry has achieved exceptional growth of 12 percent per year in the previous 4 years. All increasing income levels and expanding older population elements are fueling this rise. In addition, shifting demographics, illness profiles and the move from chronic to lifestyle diseases in the nation has contributed to increasing expenditure on healthcare insurance products. The research seeks to analyze the consumers’ awareness degree of knowledge about health insurance and the variables impacted them in choosing of policy(s) (s). It was revealed that customers are aware of insurance plans. And some elements such as policy characteristics, policy advantages have major impact on the choosing of insurance policy and purpose of keeping it.