National Insurance Awareness Day - Let's seize the opportunity to make positive changes!

June 28 is an important date in the Indian insurance industry. Every year this date is observed as the National Insurance Awareness Day. So, what is this day and why is it considered significant?

India is now the most populous country in the world but is severely under penetrated when it comes to insurance coverage. One of the primary reasons for this low penetration is the lack of awareness among the populace regarding insurance and its benefits. National Insurance Awareness Day is when everything regarding insurance takes centre stage and spreading awareness about insurance is the order of the day, as we work together towards achieving our goal of “Insurance for all by 2047”.

Let us take the example of health insurance. It is recognised for its coverage of medical expenses and the provision of claiming tax deductions on premiums. However, it is often down the pecking order when compared to other financial products like mutual funds, savings schemes etc. however, post COVID, this outlook has undergone a major shift. Consumers today have become more aware about health insurance and its importance.

In a recently conducted New Health Normal Report by Aditya Birla Health Insurance Co. Ltd., 79% of respondents said that they would actively seek an employer who insured their family’s medical expenses. Furthermore, more than half of the respondents (52%) have set aside money to use in case of medical emergencies. While 85% of the respondents claim they would consider cutting down on some luxury items so that they could spend more on health insurance, the report shows. These statistics highlights the growing awareness about health insurance products since the global epidemic.

Health insurance is not merely a financial safety net; it is an enabler of access to quality healthcare for individuals and families across our nation. Given the higher awareness, consumers today are looking to get more value out of their health insurance, and not just financial support or sickness funding.

The role of health insurance should be larger - playing a more pivotal and engaging role in partnering people in their health journey both in good times and during a crisis.

We at ABHI have pioneered this model of health insurance in India, based on “Health first, insurance later,” that transcends the boundaries of an indemnity-based model by focusing on proactive healthcare for our customers. We endeavour to empower individuals to prioritize their health, seek preventive care, and access life-saving treatments when needed. This creates a healthier, more resilient society where everyone can thrive.

Moreover, our commitment to product innovation continues to push the boundaries of what health insurance can offer. From tailored plans that cater to the unique needs of diverse demographics to value-added services like telemedicine and wellness programs, we strive to create holistic solutions that go beyond traditional coverage of sickness funding. By embracing technology and listening to the evolving needs of our customers, we can better serve and support them throughout their healthcare journeys.

Due to the pandemic, in the ‘New Health Normal’, people are realising the importance of a health-focused lifestyle and are actively seeking avenues that can support this healthy lifestyle – both online and offline. It has impacted their behavior as well in many ways – the technology they use, how closely they monitor their diet, do they exercise regularly etc. However, as ever, adopting a new habit is a challenge for most, and the need of the hour is to motivate and encourage people to complete the last mile in their health journey.

On this National Insurance Awareness Day, let's seize opportunities and make positive changes today. Together, we shape a future where health and wellness take centre stage.

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