A Study On Consumer Perception Towards Medical Insurance Policy With Special Reference To Chennai City

Abstract

The saying “Health is Wealth” carries a profound truth, but in today’s world, having enough financial resources is essential for maintaining good health. Healthcare costs are rising rapidly, and the occurrence of various diseases has increased significantly. This emphasizes the importance of health insurance to protect against unexpected medical expenses. The COVID–19 pandemic has raised awareness about health insurance, prompting initiatives from both Central and State governments, such as the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (ABPM-JAY) and the Chief Minister’s Comprehensive Health Insurance Scheme. However, despite these efforts, many people, including those living in urban areas like Chennai, remain unaware of the importance of health insurance and the policies available to them. This study aims to assess the level of awareness and perception of medical insurance policies among residents of Chennai. Data was collected through a well-designed questionnaire to evaluate awareness levels, sources of information, factors influencing the decision to purchase Mediclaim policies, and barriers preventing people from accessing health insurance services. The results reveal a significant awareness gap, particularly among economically underprivileged communities. This study recommends that insurers take measures to educate the public about the importance of health insurance.