‘New mantra must be health inclusion’
Kolkata, January 19 High premium prices could be one of the main reasons for the low penetration of insurance in India where a majority of people are either uninsured or under insured.
“Our insurance premium could also be one of the main reasons for the very low penetration in India despite high dependence on expensive private healthcare sector. However, as more and more sections of insurable population get health coverage it is expected to substantially reduce the out of pocket expenses for common citizens as it comprises the largest financial burden driving the economically weaker uninsured to financial distress hindering the overall economic progress,” Gupta said at the seventh edition of InsureInd organised by CII on Wednesday.
Affordable healthcare
She further said that the new mantra is health inclusion, as a step forward from financial inclusion. Inclusive growth can only be achieved with complete health coverage for all Indians and universal health insurance is a “priority for the government.”
The Covid-19 pandemic has helped people realise that access to affordable healthcare and health insurance is foremost requirement to protect the citizens from financial distress and keep the economy on track.
Highlighting the vast opportunity in the Indian insurance vertical which is largely untapped, she called for all stakeholders to work towards giving affordable health cover to all Indians.
According to Saurabh Mishra, Joint Secretary – Insurance, Department of Financial Services, one of the way forward is not just look at insurance as an industry, but considering it as a catalyst to the entire economy and to the overall industrial and service space of India. He emphasized on the need for more capital infusion and innovation which would be critical for a demography like India and also opined that risk management areas like cyber security, agriculture need to be prioritized.health insurancePublished on January 19, 2022COMMENTS
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