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80% of Indians not sure what their insurance policy covers: Survey
Almost 80 per cent of Indians are unsure what coverage their insurance policies offer, said a recent survey that marked out the risk of people being caught unawares in emergencies.
As many as 71 per cent of Indians have two to five active insurance policies, but only 35 per cent fully understand what they cover, according to the survey by CoverSure, an insurance tech company. The most commonly held policy is life insurance (63 per cent), followed by health (24 per cent) and motor (13 per cent). But 65 per cent of respondents of such policies said they have little to no knowledge of details like policy benefits, exclusions, or claim procedures.
Families unaware
The issue goes beyond policyholders. A striking 60 per cent of dependents are unaware they are even covered under any policy. Only one in 10 could correctly describe the insurance benefits available to them. Lack of awareness can lead to missed claims or policy lapses, defeating the purpose of having insurance.
Poor document management adds to the problem. The survey found:
-29 per cent of insurance customers use physical files
-26 per cent depend on spreadsheets
-24 per cent rely on SMS alerts
-21 per cent store documents in digital folders
Such scattered storage can result in delays or issues while filing claims or renewing policies.
As many as 36 per cent of respondents prefer advice from insurance executives and 26 per cent are open to digital help. A significant 38 per cent believe they don't need any assistance in insurance at all: that is worrying, given the confusion about coverage and policy terms.
Need for insurance literacy
'Focusing on penetration isn't enough. True financial protection only comes when policyholders and their families understand their insurance. If they don't know what's covered or how to use it, the purpose of insurance is lost,' said Saurabh Vijayvergia, founder and chief executive officer of CoverSure
The survey, released ahead of National Insurance Awareness Day on Saturday, had over 5,000 individuals across metros and Tier 2 and 3 cities
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