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The IUP Journal of Management Research :
Impact of Socioeconomic Factors on Purchase Decision of Health Insurance: An Analysis
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The objective of this study is to check the socioeconomic factors influencing purchase decision making among health insurance policyholders in India. Data was collected through a structured questionnaire given to 170 customers. Data analysis was done through regression with the help of the 170 responses received. The study found that the dependent factor, i.e., health insurance institutional choice, and the independent factors, viz., age, gender, income, marital status, and cover HI, have a significant impact on the decision making process.

 
 

India’s healthcare industry is the largest sector in terms of employment and revenue generation. Healthcare is defined as “hospitals, medical devices, clinical trials, outsourcing, telemedicine, medical tourism, health insurance and medical equipment” by ibef.org. While India continues to chart a course towards modernity and economic development, 40% of the Indians still remain outside the purview of available modern healthcare benefits. The Indian healthcare industry had reached US$160 bn in 2017 and expected to reach US$280 bn by 2020, on account of the increasing demand for specialized and quality healthcare facilities.

The Indian government is spending 1.2% of GDP for the financial year 2018 on the healthcare sector. The new health policy has set a goal to rise to 2.5% by 2025. It could reduce out-of-pocket spending from 70% to 63%.

 
 

Management Research Journal