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~Study reveals features like Monthly premiums, No hidden fees, and Simple app-based access are attracting customers to Navi Health Insurance~
INDIA, APRIL 10, 2024: A study by Navi Health Insurance highlights the top reasons why many Indians, despite being aware of Health Insurance, hesitate to buy health insurance leading to low adoption in India.
Insurance: Complex and Confusing
– 1 in 2 Health Insurance non-users perceive insurance as a complex product to understand.
Healthy = No Insurance
– 1 in 4 Health insurance non-users feel that insurance is not necessary if you are healthy.
No Returns. No Health Insurance
– 1 in 4 Health insurance non-users don’t buy insurance as they feel there are no returns if not used or claimed.
Insurance Premium Perception Barrier
– 1 in 5 Health insurance non-users don’t buy insurance due to the perception of premiums being expensive.
The study has revealed the triggers that motivate people who have insurance or intend to buy.
1. Real-Life Stories
– 3 in 5 consider buying health insurance after experiencing a medical emergency with a friend or family member or suffering losses due to a lack of insurance.
2. Social Media Influence – YouTube is King
– YouTube tops the list followed by Facebook and Instagram – 1 in 2 gets influenced by social media platforms and Influencers that simplify insurance, making it understandable for them.
3. Ailments and Alarms
– When health scares arise, 1 in 2 turn to health insurance, often facing higher premiums or longer waiting periods.
New-age, digital-first offerings like Navi Health Insurance that offer simplicity, convenience, and affordability are driving more people to buy health insurance. The option to pay affordable monthly premiums instead of a large annual lump sum, the assurance of no hidden fees, tangible benefits like free health check-ups and consultations, and simplified access via the Navi app have all contributed to a positive hassle-free experience for customers.
Disclaimer: The study was conducted among 1000 Indians.
About Navi Group:
Navi is one of India’s fastest-growing financial services companies providing Personal & Home Loans, Insurance, Mutual Funds, and UPI. Navi’s mission is to deliver digital-first financial services that are simple, accessible, and affordable. Embracing a mobile-first approach and drawing on strong in-house technology and product expertise, Navi is dedicated to building customer-centric financial products. Co-founded by Sachin Bansal and Ankit Agarwal, Navi is headquartered in Bangalore.
