Coverfox.com, India's fastest growing online insurance portal, on occasion of World Health Day reminds consumers about the necessity to care about their health above everything. In today’s fast paced life, lack of insufficient activity and social engagement brings a plethora of risks pertaining to the health of an individual whether physical, emotional or mental at any time and age. Coverfox, also emphasises on the need for regular check-ups and lead a healthy active lifestyle to minimise the impending health risks, and also seek adequate health cover/insurance to guard against unforeseen medical emergency at any stage in life.
The public healthcare system in India is accessed by a miniscule percentage of population, and India's public spending on health as a percentage of GDP is one of the lowest among countries of South-East Asian region - higher than only Myanmar - and the lowest among BRICS countries. Due to this millions are burdened to bear the costs arising out of medical expenditure. Therefore, investment in health insurance is amongst the viable route, which can help minimise such high costs into a larger population, making quality healthcare affordable for everyone.
Speaking about the importance of health, Devendra Rane, Co-Founder & CTO, Coverfox.com, said, “A good percentage of people are aware of the benefits of good health and adequate medical cover, but a large percentage still looks at health insurance as a mere tax saving instrument. The ‘Chalta Hai’ approach of Indians has landed us all in trouble several times. We in India are so accustomed to risks that a large part of the population overlooks regular health check-up and perusal of a sport or activity for a sound existence. Also many of us don’t feel the need for adequate insurance to cover health risks to be guarded against any situation arising out of it.”
He further added, “At Coverfox, we are aiming to create a shift in the mind of general public at large. We have designed our system in such a manner that a customer can check quotes, customise their requirement, in real time as per his needs. For example, in our health insurance platform, we take into account the user age, gender, city of residence, prevailing health issues, their lifestyle and multiple other information to suggest a insurance plan which can helps him lower his health care bill, based on the cost of health care in his city. Depending on his age and other personal data, we suggest insurance plans that cover the disease which he is may be most susceptible to. We hope to see a positive change in the coming years.”
India remains a severely under penetrated market in terms of health insurance. According to data from the National Sample Survey Office (NSSO), over 80% of Indians are not covered by any health insurance schemes, and of it, only 12 per cent of the urban and 13 per cent of the rural population had access to insurance cover. Moreover, as many as 19-30 per cent of the people across age groups had owned a policy but did not renew it. The survey also found that, around 1% of the poor in rural areas has to sell their physical assets to meet health expenditure. Also, more than 5% seek help of friends and relatives.
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