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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
livemint.com / 1 year ago
Indians are quitting the safety net of health insurance; GST and high premiums are only part of the problem
health insurance market: many individuals are choosing to quit their health insurance policies.
While high premiums and the introduction of Goods and Services Tax (GST) on premiums are often cited as reasons, these financial pressures alone do not fully explain why people are opting out.
It is the combination of these costs with a surge in claim rejections and the feeling of inadequate coverage that is leading many to reconsider their insurance choices.
Reasons behind the exit: High costs and claim uncertainties
Subhadip Ghosh, a 38-year-old professional from Kolkata, had signed up for a Rs 5 lakh family floater health insurance policy back in 2016, paying an annual premium of Rs 22,000.
However, over the years, the premium skyrocketed to Rs 78,000 in 2025 for the same cover, prompting Ghosh to reconsider his options. Despite a 10% no-claim rebate, his premiums have nearly doubled post-pandemic, leading him to question whether he can continue to afford it, he told ToI.
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“How many Indians can afford this?” Ghosh asks, expressing his frustration at the steep increase in premiums.
For many like Ghosh, premiums are no longer an affordable part of their budget. Srishti, a South Delhi-based legal executive, shares similar concerns.
After a friend's claim was rejected by her insurer, Srishti, who had been paying a premium of nearly Rs 3 lakh annually for a Rs 40 lakh cover, decided to opt out of her policy altogether.
“We’re paying a premium of nearly Rs 3 lakh a year. Then a claim gets rejected, and your
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