Even as the awareness on importance of insurance in general, and health insurance in particular is on the rise, a study by a health insurance provider in India has found that over half of policyholders do not have adequate cover. According to Apollo Munich Health Insurance, 51% of health insurance policyholders in India have purchased low sum insured health insurance policies, which would not suffice in case of medical emergencies.
“Underinsurance is a sombre problem as it not only results in increased stress and sudden out-of-pocket expenditure for policyholders during times of medical exigencies, but also gives them a false sense of assurance of being covered,” said Antony Jacob, chief executive officer, Apollo Munich Health Insurance.
