How the pandemic has forced Indians to run for cover
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The country still suffers from a huge lag in health insurance penetration, though there has been a rise in awareness of late
Over the past one year, the Indian health insurance industry has seen several changes in consumer behaviour and attitude towards insurance. Covid-19 has brought to light the fact that a significant part of India’s population depends on their savings to meet the rising medical costs.
The Indian Economic Survey recently pointed that 65 per cent of Indians support their medical costs through ‘out of pocket’ expenses. The pandemic has certainly emphasised the need to buy health insurance because of the growing financial burden, which is because of high healthcare costs versus a reduced income or loss of livelihood due to Covid.