Income wise Consumer Behavior in Health Insurance Services in India

https://doi.org/10.46610/JBADV.2023.v04i02.003

Abstract

The post pandemic period has witnessed a rising awareness for health insurance policies. The health insurance sector in India has seen a substantial growth of 321%. There has also been an impact on income level of many people for the same reason. This study investigates the nuanced relationship between income levels and consumer behaviour in the context of health insurance services in India. It delves into the factors influencing the choices of individuals across different income groups, ranging from Low-Income Groups (LIG) to Middle-Income Groups (MIG) and High-Income Groups (HIG). Through comprehensive analysis of the survey, the research reveals that the distinct preferences and priorities of consumers in each income category. Key findings highlight that while hospitalization coverage is a common motivator across all income groups, tax benefits are especially significant for the middle-income segment. Additionally, mental peace was considered a significant factor for high-income segment. Coverage of hospitalization expenses was found to be significant across all income segments.