Exploring Health Insurance Awareness: A Customer Perception Study in Visakhapatnam District, Andhra Pradesh.

Abstract

The insurance industry plays a significant role in our economy, contributing approximately seven percent to the GDP. The heightened market competition, driven by liberalization, has compelled insurers to enhance their customer service. In response to the growing demand for quality healthcare and in alignment with global practices, the IRDA introduced the concept of health insurance. To effectively penetrate the market, insurance companies had to adopt innovative and emerging distribution trends. This study aims to explore the relationship between family annual income and the factors influencing the selection of health insurance policies, as well as the respondents' commitment to premiums. Additionally, the research seeks to identify the correlation between the premium amount and the sum assured. Health insurance has emerged as a transformative force, benefitting the insurance industry, the medical community, and the general populace by making peace of mind affordable. The study concludes that while people are aware of health insurance, there is a reluctance to actively purchase these facilities