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BFSI Chronicle, 11 Edition September2022
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under health insurance or a health scheme, according premiums? Will incur expenditure when as it comes.
to the National Family Health Survey (NFHS-5). They consider insurance talks about only possibilities
This converts to about 30 per cent women and 33 of undesired incidents and so why to think of that.
per cent men in the 15-49 age group. During NFHS- Large chunk of population does not have proper
4, only 29 per cent of surveyed households had at idea and understanding of the products. The genuine
least one member covered by health insurance or a marketing for the same is need of the day. Indian
health scheme. Almost half (46 per cent) of those with social boundations like gender problems why to
insurance are covered by a State health insurance invest for girl child, other related family has not done
scheme and about one-sixth (16 per cent) are covered so why to go for it. All these issues can be sorted out
by Rashtriya Swasthya Bima Yojana (RSBY). As many by spread of proper awareness and effectively making
as 3-6 per cent of women and 4-7 per cent of men are people to be convinced
covered by the Employee State Insurance Scheme
(ESIS) or the Central Government Health Scheme Present status
(CGHS).The percentage of households in which at  One effective component to improve penetration
least one member is covered is highest in households is Foreign Direct Investment (FDI). It can help
with a Christian head (55 per cent). Additionally, the improve insurance awareness and reach in the
insurance coverage is slightly higher in rural areas (42 country. The current walk in FDI from 49% to
per cent) than in urban (38 per cent). (Jadhav, 2022) 74% in the insurance segment can boost the
health insurance industry in this course of
How to Increase the Depth of Health Insurance effective penetration.
Penetration ?
 Designing A Low-Cost Comprehensive Health
Economic Survey of 2020-21, speaks about insurance Insurance Product for The Missing Middle
coverage dissemination in India improved only (Aayog, 2021) In the absence of a low-cost
marginally from 2.71 per cent in 2001 to 3.76 per cent health insurance product, the missing middle
in 2019. India, thus, remains far behind its regional remains uncovered despite the ability to pay
counterparts. The major issues concerning this are: nominal premiums. A comprehensive product
designed for this segment – improving upon the
 high premium expenses existing Arogya Sanjeevani plan and offering
 ordinary working-class families out-patient cover – can expand health insurance
 Lack of marketing coverage (Aayog, 2021)
 Lack of acceptance
 Lack of awareness  Health insurance companies have invested
 Social boundations in groundbreaking technologies such as
automation, AI, and big data. Internet of Things
The problem of high premiums can be resolved via (IoT) helps in deriving extensive data and
government insurance schemes as we can witness insights to assist risk controlling devices and
by Ayushman Bharat Yojana, Aam Aadmi Bima techniques
Yojana. Ordinary working-class people wherever
they happen to work are not insured by their Call of the Time
employers. So all employers big or small should be  The most important focus is to on justified
made mandatory for incorporating health insurance coverage of the health insurance schemes.
schemes for their employees. Another problem is of Justified coverage has to be on the basis of
acceptance, not only illiterate but highly educated regions and people’s richness scale.
people take insurance as negative. Their arguments
are Why to talk of mishaps? Why to pay high  T he skewness of the coverage of health

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