Insurance uptake is high among older people, says a survey by standalone health insurer Max Bupa Health Insurance. The "Walk for Health" survey to understand the perception of health, health insurance and correlation between the two; among walkers and non walkers, shows that young India (22-26 years) is least insured.
The survey showed that 72 per cent of those in age group of 46-54 years while 68 per cent of those in 55-60 years bracket own a health insurance policy.
Insurers insist that health policies be bought at a younger age, not only because they are cheaper but because they are less susceptible to medical illnesses, they can also avoid paying heavy medical bills even for any sudden critical illness that may crop up.
Of the total 1300 plus Indian respondents between age group of 22 to 60 years, 71 per cent of them currently own health insurance. Here, Jaipur tops with the list with 87 per cent having health policy, while Mumbai only has 66 per cent having a health cover.
He added that it is a proven fact that Indians are genetically more prone to lifestyle and critical ailments like diabetes, heart diseases and cancer. Also owing to our sedentary lifestyles and unhealthy eating habits, we need nearly double the exercise than people living in other countries.
The Max Bupa Walk for Health Survey 2016 has shown that the purchase of personal health insurance among urban Indians across metros and smaller cities is seeing an upsurge, with 25 per cent of the respondents opting for policies with sum insured in the range of Rs 7.5 lakh to Rs 10 lakh.
Those who don't walk and exercise regularly (30 per cent) have opted for a higher sum insured.
However, young India (people under 30 years) continues to be the least insured, with almost 50 per cent of young India not having any form of health insurance.
Data from the industry also shows that health insurance is seeing the highest growth rate in the industry. Standalone health insurers have seen a growth of 44.5 per cent in the April to December 2015 period, according to data from the General Insurance Council.