61% young buyers want health insurance, 37% see cashless network as important factor, finds HDFC Ergo report

NEED FOR HEALTH COVER

Áfter Covid, Gen Z and millennials have shown a growing desire to buy health cover, consider one or more of these factors:

$46.4 billion
Expected size of the Indian health insurance market by 2030, according to a Grand View Research study.

Expected share of Gen Z and millennials in India’s total population by 2030 is higher than expected global average of 46%, as per Indeed-Nasscom Future of Work report.

Responses from both Gen Z and millennials indicate that:

• 61% prefer buying health insurance.
• 37% consider network of hospitals connected with insurer.
• 24% want clear and easy policy terms and conditions.

CONSUMER EXPECTATIONS

People’s expectations regarding the services offered by insurers vary across cities, but they prioritise one or more of the following:

GENDER PREFERENCES

Female respondents choose their insurance provider based on one or more of the following...

Among 404 respondents who had a health cover, easy policy renewal was a preference for...

Source: ‘HDFC ERGO Exploring the Millennial and Gen Z Mindset’ report. The study was conducted by NielsenIQ among 1,400 individuals, including Gen Z and Millennials, of whom 70% were men and the rest women. Figures don’t add up to 100% due to multiple responses. *Response from 560 participants