Study Of Factors Influencing Consumer Perception Towards Health Insurance Policies During COVID-19 Pandemic

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Dr. D. Y Patil , Dr. Kamini Khanna , Veena Kotle


Insurance has always been a first and foremost important instrument in financial planning.  However, in the wake of the global pandemic, the importance of the health insurance policy has become even clearer and known to everyone. There is a rising need for health insurance in current scenario, because of  the higher rate of inflation in medical expenses. The purpose of this study was to understand the consumer behavior towards health insurance during COVID-19. The study was based on the primary data which was collected from the respondents of Mumbai. Self administered questionnaire was prepared which included separate sections for demographic and subjective questions. The subjective section consisted of five point likert scale. Random sampling technique was performed and 200 respondents were taken for the research. The prime objective of this study was to explore the factors which affect the consumer perception towards health insurance during the pandemic. To fulfill the objective, factor analysis and Chi-square test was performed. The factors influencing the customer perception towards health insurance were Compatibility, Awareness, Transparency, Tax Benefit, Accuracy clarity and Availability of Information, claim settlement ratio and number of network hospital. Through the study it was found that, awareness of health insurance products was observed in majority of the respondents. Awareness campaigns on importance of health insurance and its services may help to increase the sale of health insurance. Among all the demographic variables, source of awareness showed a strong association with the gender. The major source of awareness for females is television whereas for males, friends and colleagues. Secondly, the analysis also revealed that, whether a person has less income or more income, they prefer to buy a health insurance policy to cover their medical expenses. Further the study also revealed that, the pandemic has taught everyone the importance of investing in right insurance products to tackle such unpredictable scenarios in upcoming future.

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