European Economic Letters

ISSN 2323-5233
Vol 14, Issue 1s (2024)
http://eelet.org.uk

A Study on Consumer Awareness and Satisfaction Towards Health

Insurance Policies
1
Dr. Tejbahadur Kannaujiya, 2Shweta Jaiswal, 3Nishtha Agrawal
1
Assistant professor, Department of commerce, CMP Degree college, University of Allahabad
2
Research scholar, Department of commerce, CMP Degree college, University of Allahabad
3
Research scholar, Department of commerce, CMP Degree college, University of Allahabad

ABSTRACT
The aim of the study is to determine the sources of consumer awareness about health insurance policies, and the level of
satisfaction. Both primary and secondary data were used in the course of research. For the purpose of primary data the well-
designed questionnaire is used to collect the responses from the policyholders through Convenience sampling method. The
secondary data is gathered from daily newspapers, research articles, journals and the Insurance Regulatory Development
Authority. The study's sample size was 211 respondents, and it was carried out in the city of prayagraj. out of 220 samples 211
are filled-out are reviewed and finalized. The study used percentage, Annova, chi square test for analysis of the hypothesis.
According to the study's findings, the majority of respondents are well informed about health insurance providers and their
offerings. Additionally, study establishes a strong relationship between satisfaction levels and knowledge of health insurance
policies, it is essential to understand consumers' levels of interest in buying health insurance, to record the majority of
respondents customers' awareness, and to suggest and educate consumers on how health insurance can reduce their financial
burden during hospitalization.

Keywords: customer awareness, level of satisfaction, health insurance

INTRODUCTION:
Many individuals have purchased health insurance policies as a result of the rising expense of medical care. People's
perceptions of health insurance have changed from considering it as a tool for protection to seeing it as an investment, a place
where future medical bills can be covered (Gowda et al., 2015) Additionally, people choose to invest in their health by
getting frequent checkups. In addition to this, reduced government regulation rising income levels, price deregulation, and
the emergence of private healthcare enhanced public awareness of health insurance (Krishnan et al., 2021) Health insurance
is offered by four public sector insurers, 18 private sector insurers. General insurers operating in the private sector have
introduced a number of innovative products, include top-up and family floater policies as well as critical illness insurance.
Despite the growth of the health insurance industry, people's awareness varies depending on their socioeconomic status and
where they live (Kadyan et al., 2022) As per CII analysis states that yearly growth rates in the insurance business are
probably going to exceed 10%. By 2030, the total insurance industry might expand by up to 20 times, reaching a valuation
of roughly Rs. 82,52,458.5 crores. India has the most demand for financial services could rise most sharply between 2020
and 2030, suggesting that the country's general insurance market could be valued between Rs. 6,96,897 crore and Rs.
21,55,260 crore by 2030. Over $6 trillion, or Rs. 63,48,745 crore (more than 8% of GDP), might be added to total premiums
by 2030 when the life market is taken into account (Swiss Report). In its most recent research, the National Skill Development
Corporation (NSDC) projected that the banking and insurance industries would create 20 lakh new jobs by 2025 A recent
Confederation of Indian Industry poll projected that by 2025, at least 21 lakh workers with a background in insurance will
be required. The ASSOCHAM report on the insurance industry highlights the sector's employability potential and projects a
30 lakh manpower requirement by 2030. There will be a great demand for insurance experts in the nation due to the 20%
growth rate of the insurance business (Insurance Education Series, IRDA (2020) Most of them rely on private loans or sell
off their assets to pay for medical expenses. Many clients choose not to get a health insurance coverage because they are
unaware of the costs associated with premium payment and claim processing. Similar to this, how satisfied customers are
with a product is affected by how they perceive it, which is mostly based on awareness (Jebamalar & Kumar, 2019) Hence,
it is crucial to investigate consumers' interest in health insurance products and connection between comprehension and
satisfaction among consumers.

LITERATURE REVIEW
Kumar et al., 2011) This study examines providers' perceptions and interactions with policyholders, insurers, and third-
party administrators (TPAs) were experimentally observed in order to analyse the Indian health insurance companies. The
purpose of the study is to ascertain the insured population's degree of knowledge and attitude towards the expense of medical
care. According to the research, few insured people know their rules and regulations insurance, and the majority of them

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ISSN 2323-5233
Vol 14, Issue 1s (2024)
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don't give any attention about how much medical care will cost. The companies prefer to give cashless benefits to middle-
class individuals and frequently raise their prices

Janjua & Akmal, (2014) examined the issues faced by the health insurance policyholders of various General insurance
firms can be both public and private. the state of Punjab and in the union territory of chandigarh and, data were gathered
from 321 health insurance policyholders. The analysis reveals that all respondents chose sickness and accident insurance.
The respondents' experience with claim settlement has been examined. Regarding their knowledge of claim settlement, the
respondents have been examined. Most people who have filed claims for health insurance have done so because they have
been ill in some way. Public and commercial sector organisations have looked at and compared respondents' levels of
satisfaction with regard to claim processing and numerous other aspects of health insurance coverage.

Karthikeyan and Ramkumar (2015) Examining the quality of service consumers expect standards of the National
Insurance Company, with particular reference to the National Insurance Company Ltd. in Madurai City, was done in an effort
to Identify any discrepancies between client expectations and the actual service quality. According to the report, there is a
larger discrepancy in terms of service quality as well as tangibility and responsiveness. As a result, it is clear from the study
that the company's offerings fall short of expectations.

Kansara and Gill, (2016) According to the report, there are many issues with health insurance in India since there is a lack
of knowledge, a lack of data, high medical costs, fraudulent practices, etc. According to the survey, intermediaries play
crucial roles in obtaining business in the current environment. These issues could be resolved with an effective intermediaries'
participation. In order to prevent adverse selection and build a strong awareness portfolio, the intermediaries' main goals
include promoting insurance products, managing risks, and informing consumers. The study reveals that intermediaries play
a vital role in connecting the insurance company and the consumer in the realm of health insurance.

Varier, (2016) evaluates the degree of satisfaction with the services provided by private and public sector policyholders In
contrast to public sector policyholders, who are more satisfied with post-hospitalization costs, pre-existing disease patterns,
and claim settlement patterns, private sector policyholders are more satisfied with premium rates, renewal patterns, and pre-
hospitalization services provided by the insurance companies. When comparing the service standards offered by general
insurance companies in the public and private sectors, there are noticeable differences. According to the findings it takes
more work for public sector businesses to provide the population with the goods and services they want.

Asghari & Babu (2017) entitled that the service quality is a key element in keeping current customers, and it is regarded as
a significant challenge in the health insurance sector. Customer loyalty rising as a result to improved service quality, which
in turn affects customer satisfaction. The study, suggest that the maintaining loyal customers over the long term is preferable
than bringing in new ones because it will be less expensive to do so and they can spread the word to others about their positive
interactions with the business. According to the study, insurance companies unable to meet the customer
expectations exaggerate their service and response times in their advertisements since they are unable to meet client
expectations.

Mathur et al.,( 2018) have identified "unaffordability" as a possible explanation for the decreased uptake Health insurance
policies offered by private companies. Others, disputed the claim, arguing the when patients can afford "inpatient-care" out
of pocket, the cost of insurance premiums is significantly less than such payments. Thus, economic variables alone are
insufficient to explain the low level of private voluntary health insurance coverage. Efforts are being made to change the
direction of economic issues and examine the impact of attitudes and health insurance in influencing people's choice of
voluntary health insurance. The study's conclusion will significantly assist decision-making in formulating strategies to
promote private voluntary health insurance enrollment.

Lavuri & Naik, (2019) The purpose of the study was to investigate the amount of policyholder knowledge, then the impact
of health insurance policy variables, holder satisfaction levels, and issues that policyholders in the targeted location,
Hyderabad City, had with their health insurance policies. According to the study, 183 policyholders from Hyderabad city
provided responses. The convenience sampling method used to collect information from each health insurance policy holder's
responses, and it was then put to the test using an ANOVA test with the use of the SPSS The findings showed that there were
a significant Policyholder satisfaction with HIP is influenced by demographic factors, followed by HIP factors. even though
they experienced some minor issues with HIP.

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Chitra et al., (2021) The aim of the study was to know the customers and health insurance companies in Chennai. According
to study, customers believed that health insurance policies were necessary and helped them cover their medical bills
financially. The results of the study also show that the customers are knowledgeable about things like hospitalization costs,
nursery costs, domiciliary costs, and ambulance fees. The study also found that consumers are highly informed about health
insurance options. The study also establishes a strong link between satisfaction levels and knowledge of health insurance
products.

(Kautishetal.,2021) examined objectives of the study is to better understand impact of changing customer inertia, as well as
the important role of insurance operations, performance and the positive/negative impact on health insurance policies on
consumer satisfaction. Data were collected using a structured survey. Covariance is based on the structural equation used to
measure the relationship between variables. The findings of study showed that recognition, performance effectiveness were
effective in retaining customers in the insurance market. The positive impact has a greater impact on the customer's purchase
than any other building.

Nayaketal.,(2024)examinedis to better understand the recognition and performance of insurance companies and the positiv
e/negative effects of health insurance policies on customer retention, as well as their role in reducing customer churn. Data
were collected using a standard questionnaire. Covariance is based on the structural equation used to test the relationship b
etween variables. The findings showed that recognition has an impact on performance and customer retention in insurance i
ndustries. The positive impact has a greater impact on the customer's purchase than any other building.

OBJECTIVES:
The primary study of the study:
• To examine the customer awareness towards health insurance policies
• To study the level of satisfaction of customers towards health insurance policies.

HYPOTHESES
H0: There is no significant difference in adequate level of the customer awareness towards health insurance
policies .
H0: There is no significant difference between demographics factors and level of satisfaction towards health
insurance policies

RESEARCH PROBLEM
This health insurance provides access to continued treatment for a specialist in case of a chronic sickness or injury, as well
as financial protection against such costs. Purchasing health insurance for oneself and one's family Due to the high cost of
medical care, especially in the private sector, it is necessary to have insurance. Many diseases are rapidly spreading to people
as a result of environmental changes. It is quite difficult to pay for the medical bills of middle-class and upper-middle-class
individuals. The health insurance policy is crucial for people to prevent unforeseen financial strain. Many consumers are
prevented from purchasing a health insurance coverage due to a lack of knowledge on the costs associated with premium
payments and claim processing. The perception that customers have of the product, which is mostly based on awareness,
also determines how satisfied they are. Therefore, it's critical to examine how customers are paying attention to health
insurance goods and how understanding and customer happiness are related.

RESEARCH METHODOLOGY
This is an empirical and analytical study. The information gathered consists of primary and secondary data. Primary data is
collected directly from respondents by mail using standardized structured questionnaire prayagraj district The secondary
data is gathered from a range of sources, including books, newspapers, journals, IRDA websites, bulletins, press releases,
theses and IRDA report. For anaylsis dependent and independent variables are there like claim facilities, customer feedback,
policyholder engagement, premium policies are used in this study.Various statistical tools are applied to analyze and derive
the conclusions. Frequency distribution tables, Annova, chi square test are the statistical methods utilized in the analysis. The
questionnaire's reliability test is tested using Cronbach's Alpha Value that is 0.874. The samples are drawn only from
prayagraj district to put the data specific. A total of 211 samples is collected for investigation. The purposive sampling
method is used to gather data.

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DATA ANAYLSIS AND INTERPRETATION

Table: Age
gender frequency percent Valid percent Cumulative
percent
male 73 34.6 34.6 34.6
female 138 65.4 65.4 100.0
total 211 100.0 100.0
Source: primary data

Table shows the frequency distribution of the gender category demographic variable for both respondents who are male and
female. According to the gender- demographic study, 211 respondents questioned, 65.4% were men and 34.6% were women.
Compared to their female counterparts, male respondents is found to be slightly likely to be enrolled in health insurance
plans

.
Awareness regarding health insurance
Awareness frequency percent Valid % Cumulative
regarding health percent
insurance
No 5 2.4 2.4 2.4
Yes 206 97.6 97.6 100
Total 211 100 100
Source primary data

It can be seen , 211 respondents questioned, 97.6% is aware regarding health insurance or 2.4 were not aware.
Table 3: age
Age frequency Percent Valid percent Cumulative
percent
00-20 6 2.8 2.8 2.8
21-40 131 62.1 62.1 64.9
41-60 61 28.9 28.9 93.8
60 above 13 6.2 6.2 100.0
total 211 100.0 100.0

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Age-wise demographic analysis reveals that, of the 211 respondents polled, 2.8% belonged to the under-20 age group, 62.1%
to the 21-40 age group, 28.9% to the 41-60 age group, and 6.2% to the 60+ age group. The majority of responders were under
40, which indicates that people are becoming more aware of the advantages of signing up for health insurance plans early in
life.

Table 4: education

education frequency Percent Valid percent Cumulative

percent
High school 57 27.0 27.0 27.0
Graduate 10 4.7 4.7 31.8
Post graduate 110 52.1 52.1 83.9
Professional 34 116.1 116.1 100.0
total 211 100.0 100.0
Source Primary data

According to table out of the 211 respondents polled, the largest percentage of respondents were post-graduates (62.1%),
professionals (16.1%), graduates (27%), and undergraduates (7.6%).

Table 4 family

family frequency percent Valid percent Cumulative

percent
Joint 139 65.9 65.9 65.0
Nuclear 72 34.1 34.1 100.0
total 211 100.0 100.0

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The demographic analysis presented in Table shows that, of the 211 responder surveyed 65.9% only had an, joint family
and 34.1 had an nuclear family
Table 5 income

income frequency percent Valid percent Cumulative

percent
Upto 1 lac 78 37 37 93.8
1 lac-2 lac 77 36.5 36.5 64.9
2 lac- 3 lac 30 28.9 28.9 53.4
3 lac above 26 6.2 6.2 35.7
total 211 100.0 100.0 100
Source primary data

The income-based demographic presented in the Table above shows that, of the 211 respondents surveyed 37% only had an
income up to 1 lakhs, 36.5% had an income between 1. lakhs and 2 lakh 28.9 % were in the income group of 3 above lakh.

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Table 6 martial status

Martial status frequency percent Valid percent Cumulative

percent
Married 142 67.3 67.3 67.3
Unmarried 69 32.7 32.7 100.0
total 211 100.0 100.0
Source primary data

Table presents demographic analysis of married status of the 611 respondents, shows that 67.3% of the responder is married,
and 32.7% is single. The number of the married respondents who were aware of and enrolled in health insurance plans was
higher.

Null hypothesis: There is no significant association between age and opinion regarding awareness of health insurance

Table 7 gender
s.no gender freq Well known No opinion unkno Never total
known wn known
1 male freq 90 30 10 8 0 148
% 42.65 14.21 4.73 3.79 0 70.14
2 female freq 40 20 13 0 0 73
% 18.95 9.47 6.16 0 0 34.59
total 130 50 23 8 0 211
Source primary data

Chi square test

value df Asymptotic significance
(2 sided)
Pearson chi square 24.070 4 .004
Likelihood ratio 33.579 4 .003
No of valid cases 211

Table mentioned above demonstrates that the male respondents had the highest overall percentage of opinion 42.65%) on
awareness of the terms of the Mediclaim policy, while the female respondents had the lowest percentage (18.95%). A
consumer's age has a significant role in determining their insurance policy-seeking behavior and preferences. Additionally,
it determines the type of policy, what is appropriate, and what has to be done to protect the respondents' health.

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Using the chi-square test, the following hypothesis was tested in order determine relationship between gender and opinion
of awareness of the specifics of the Mediclaim policy. It is inferred from the test Policyholders who are well-informed about
their firm tend to be highly awareness with their health insurance coverage, whereas those who are poorly informed about
their organization tend to be less aware.
Null hypothesis :There is no significant association between education and opinion regarding awareness of the health
insurance

Table 8 education
s.no qualification freq Well known No unknown Never total
known opinion known
1 High school Freq 33 4 2 1 0 40
% 15.63 1.89 0.94 0.47 0 18.95
2 Graduate Freq 40 14.0 3 1 0 54
% 18.95 4.73 1.42 0.47 0 25.59
3 Post graduate Freq 50 30 3 2 0 45
% 23.69 14.21 1.42 0.09 0 21.32
4 Professional Freq 49 20 2 1 0 71
% 23.22 9.47 0.94 0.47 0 33.64
total 172 59 10 5 0 211
Source primary data

Chi square
value df Asymptotic significance
(2 sided)
Pearson chi square 32.234 12 .001
Likelihood ratio 41.006 12 .000
N of valid cases 211
It can be seen from the table, the p-value is less than 0.05 and result was significant at the five percentile level. The null
hypothesis (Ho) is rejected, while the alternative hypothesis (H1) is accepted. The alternative theory thus puts forth that there
is a association between the respondent's education and level of awareness. Additionally, the analytical tables show that
people's awareness of the advantages of subscribing to health insurance plans is growing.
Null hypothesis :There is no significant association between family and opinion regarding awareness of the health
insurance

Table 9 family

s.no family freq Well known No unknown Never total

known opinion known
1 joint freq 70 40 4 4 3 131
% 33.17 18.95 1.89 1.89 1.42 62.08
2 nuclear freq 24 34 10 10 2 80
% 11.37 16.11 4.73 4.73 0.94 37.91
total 94 74 14 14 5 211
Source primary data

Chi square
value df Asymptotic significance
(2 sided)
Pearson chi square 24.070 4 .004
Likelihood ratio 33.579 4 .003
N of valid cases 211

It could be explained from the table that Table that awareness level was high in joint family 33.17% as compared to nuclear
family 11.37%. In order to Determine the relationship between the type of family and the amount of awareness towards

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health insurance policy chi square test was used. It is seen from the table The P value is less than the table value and the
result is not significant, so the null hypothesis cannot be accepted and alternate is accepted.
Null hypothesis : There is no significant association between age and opinion regarding awareness of the health insurance

Table 10 age
s.no age freq Well known No unknown Never total
known opinion known

1 0-20 freq 20 30 0 0 0 50
% 9.47 14.21 0 0 0 23.69
2 21-40 freq 30 10 0 0 0 50
% 14.21 4.73 0 0 0 23.69
3 41-60 freq 30 40 0 0 5 80
% 14.21 18.95 0 0 2.36 37.91
4 60 above Freq 23 7 1 0 0 31
total % 10.90 3.31 0.47 0 0 14.69
87 11 11 0 5 211

source primary data

Chi square test

Asymptotic Significance
Value df (2-sided)
Pearson Chi-Square 32.234 12 .001
Likelihood Ratio 41.006 12 .000
N of Valid Cases 211

As can be seen from the above table, the p-value is less than 0.05 and the result was significant at the five percentile level.
The null hypothesis (Ho) is thus rejected, while the alternative hypothesis (H1) is accepted. The alternative theory thus puts
forth that there is a association between the respondent's age and level of awareness towards health insurance policy.
Additionally, the analytical tables show that people's awareness of the advantages of subscribing to health insurance plans is
growing.
Null hypothesis:There is no significant association between income and opinion regarding awareness of the health
insurance

Table 11 income

s.no income freq Well known no unknown Never total

known opinion known
1 1 lac - 2 Freq 30 20 5 2 1 58
lac
% 14.21 9.47 2.36 0.94 0.47 27.48
2 2 lac - 3 Freq 30 10 5 0 0 45
lac
% 14.21 4.73 2.36 0 0 21.32
3 3 lac & Freq 35 5 5 1 0 46
above
% 16.58 2.36 2.36 0.47 0 21.80

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4 up to Freq 46 10 5 1 0 62
1lac
% 21.80 4.73 2.36 0.47 0 29.38

total 141 45 20 4 1 211

Source primary data

Chi square test

Asymptotic Significance
Value df (2-sided)
Pearson Chi-Square 32.716 12 .001
Likelihood Ratio 30.658 12 .002
N of Valid Cases 211

It can be seen from the table respondents had the income up to 1 lac highest overall percentage of opinion (21.80%) on
awareness of the terms of the Mediclaim policy, while the income up to 3 lac respondents had the lowest percentage (14.21%).
A consumer's income has a significant role in determining their insurance policy-seeking behavior and preferences.
Additionally, it determines the type of policy, what is appropriate, and what has to be done to protect the respondents' health.
Additionally respondents with salaried income prioritized policy variations while the respondents doing business prioritized
power premiums when choosing private sector insurance..

Null hypothesis : There is no significant association between martial status and opinion regarding awareness of the health
insurance

Table 12 martial status

s.no Martial freq Well known no unknown Never total
status known opinion known
1 Freq 110 30 10 2 0 142
male
% 52.13 14.21 4.73 0.94 0 67.29
2 Freq 40 21 5 4 0 69
Female
% 18.95 9.95 2.36 1.89 0 32.70
total 150 51 15 6 0 211
Source primary data

Chi square test

Asymptotic Significance
Value df (2-sided)
Pearson Chi-Square 18.791 4 .001
Likelihood Ratio 18.251 4 .001
N of Valid Cases 211

It could be explained from the table that Table that awareness level was high in married people 52.13% as compared
unmarried people 11.37. It is seen from the table The P value is less than the table value and the result is not significant, so
the null hypothesis is rejected and accepted otherwise.

Table 13 gender
gender Highly satisfied neutral dissatisfied Highly total
satisfied dissatisfied
1 male Freq 80 40 5 4 2 131

% 37.91 18.97 2.36 1.89 0.94

2 Female Freq 40 32 3 4 1 80

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% 18.95 15.16 1.42 1.89 0.047 37.91

total 120 72 8 8 3 211

Source primary data

ANNOVA
SUM OF DF MEAN F-value P-value
SQUARES SQUARE

Between 11.010 4 2.752 2.37 0.040

groups
Within groups 453.334 208 1.171

It can be seen from the table that there is a relationship between a person's gender and their degree of customer satisfaction
as the f value is lesser than 0.05. the null hypotheses is rejected and (H1) the alternative hypotheses is accepted. Thus, the
alternate hypothesis is “Gender of the respondent
and Opinion Regarding customer satisfaction of the health insurance Policy Details are associated It can suggest that a
particular gender has a tendency to report higher levels of satisfaction than the other. Businesses may decide to offer more
individualized customer service after realizing a link between gender and customer satisfaction.

Table 15 education
s.no education freq Highly satisfied neutral dissatisfied Highly total
satisfied dissatisfied
1 high school Freq 33 4 2 1 0 40

% 15,63 1.89 0.94 0.47 0 18.95

2 graduate Freq 30 14 3 1 0 54

% 14.21 6.63 1.42 0.47 0 25.59

3 post graduate Freq 50 30 3 2 0 45

% 2.36 1 1.42 0.09 0 21.32

4 professional Freq 49 20 2 1 0 71

% 23,22 9.47 0.94 0.47 0 33.64

total 220 59 10 5 0 211
Source primary data

ANNOVA
SUM OF DF MEAN F-value P-value
SQUARES SQUARE

Between groups 33.565 4 4.752 2.37 0.020

Within groups 234.67 208 2.171

From above analysis it depicts there is a significant association between education and level of satisfaction among customer
towards health insurance policy. It reflects Higher educated people generally understand and have better knowledgeable
about the value of health insurance, its advantages, and how to use the healthcare system. It's important to remember that,
although education plays a big part, other elements like socioeconomic position, cultural influences, and geographic location
also affect how aware people are of health insurance.

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Table 16 age
s.no age freq Highly satisfied neutral dissatisfied Highly total
satisfied dissatisfied
1 0-20 Freq 20 30 0 0 0 50
% 9.47 4.21 0 0 0 23.69
2 21-40 Freq 23 40 0 0 0 50
% 10.90 18.95 0 0 0 23.69
3 41-60 Freq 30 10 10 0 5 80
% 14.21 4.73 4.73 0 2.36 37.91
4 60 Freq 29 7 1 1 0 31
above % 13.74 3.31 0.47 0.47 0 14.69
total 103 87 11 0 5 211
Source primary data

ANNOVA
SUM OF DF MEAN F-value P-value
SQUARES SQUARE

Between groups 23.678 4 3.565 2.37 0.010

Within groups 223.54 208 2.565

The above table depicts that p-value is less than 0.05 and the result has been significant Hence, the null hypotheses is rejected
and the alternate hypotheses is accepted. Thus, the alternate hypothesis is age of the respondent and level of customer
satisfaction towards health insurance are associated. Younger people might be more tech-savvy and able to adjust to new
technologies, especially those from younger generations. This may have an impact on how satisfied they are with high-tech
goods or services. However, elderly people could prefer tried-and-true, conventional approaches and be less content with
sudden or strange changes.

Table 17 income
s.no income freq Highly satisfied neutral dissatisfied Highly total
satisfied dissatisfied
1 1 lac Freq 30 20 5 2 1 58

% 14.21 9.47 2.36 0.94 0.47 27.48

2 1 lac – 2 Freq 46 10 5 0 0 45
lac % 21.80 4.73 2.36 0 0 21.32
3 2 lac- Freq 35 10 5 1 0 46
3lac % 16.58 .73 2.36 0.47 0 21.80

4 3 lac Freq 20 5 5 1 0 62
above % 14.21 2.36 2.36 0.47 0 29.38
Total 141 45 20 4 1 211
Source primary data
ANNOVA
SUM OF DF MEAN F-value P-value
SQUARES SQUARE

Between groups 14.534 4 1.752 2.37 0.040

Within groups 223.546 208 2.171

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People with higher incomes could have more demands of their health insurance companies in terms of responsiveness and
customer service. The level of customer care provided could have an impact on their satisfaction, and they might seek a more
tailored and effective experience. higher income groups might have easier access to specialized care and outstanding
hospitals, among other healthcare services. Their happiness with health insurance may increase as a result of this access
because they can quickly take use of the benefits offered.

Table 18 martial status

s.no Martial freq Highly satisfied neutral dissatisfied Highly total
status satisfied dissatisfied
1 married Freq 73 43 10 2 0 142

% 34.59 20.37 4.73 0.94 0 67.29

2 unmarried Freq 54 33 5 4 0 69

% 25.59 15.63 2.36 1.89 0 32.70

Source primary data

ANNOVA
SUM OF DF MEAN F-value P-value
SQUARES SQUARE

Between groups 14.534 4 3.545 3.675 0.040

Within groups 223.546 208 3..654

When it comes to family planning, regular checkups, and other preventive measures, married people might use health
insurance services more frequently As people become more aware of the concrete advantages of having health insurance,
their level of satisfaction may rise as a result of increased utilization. financial responsibility could be advantageous for
married people and possibly result in increased financial security. Their ability to pay for out-of-pocket spending and health
insurance premiums may be positively impacted by this steadiness, which could lead to increased satisfaction.

CONCLUSION OF THE STUDY

The primary purpose of study was to determine how satisfied and aware consumers were with health insurance. The foremost
reason for selecting a health insurance policy is to insure against the danger of illness, and friends, family, are the main
sources of information regarding health insurance. Factors such as age, income, education, martial status significantly impact
individuals understanding of insurance options as well as their satisfaction with coverage and services .younger individuals
might prioritize affordability. Education levels can affect understanding of policy details and benefit. By analyzing data like
this insurance providers can gain insights into demographic preferences and tailor their strategies to improve awareness and
satisfaction levels among different customer groups. The analysis clearly indicates that consumers of health insurance are
aware of health insurance products and companies that offer Insurance companies' ongoing efforts to educate consumers
about health insurance will further empower them to make knowledgeable decisions and buy insurance policies that best
meet their needs. Mostly respondents are satisfied with their health insurance policy they offer.

The study's recommendations include increasing the number of hospitals covered by insurance, raising awareness of health
insurance, and requiring coverage for all ailments in health insurance policies. In order to facilitate the process of enrolling
for health insurance, more enrolment and registration centres had to be established. The government and private health
insurance providers ought to customize premium amounts to each individual because most families come from lower
socioeconomic One of the reasons it should be brought to the attention of insurance companies and addressed is the absence
of complete coverage. Additionally, the business has to enhance its promotional offerings, which include pamphlets, online
and mobile advertisements, and weekly/monthly publications.

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European Economic Letters
ISSN 2323-5233
Vol 14, Issue 1s (2024)
http://eelet.org.uk

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