Health Over Wealth: ICICI Lombard Study Shows 70% Choose Health Insurance for Reasons Beyond Tax Benefits

Chandigarh, February 16, 2024: ICICI Lombard General Insurance, one of India’s leading general insurers, unveiled its latest research report today, providing a deep dive into the intricate relationship between tax savings and health insurance among financially savvy customers. Titled: "ICICI Lombard’s report on emerging trends in health insurance with focus on taxation benefit”, the report offers a comprehensive analysis of the financial behaviour and preferences of individuals who have made at least one tax-saving financial investment and own health insurance or have an intention to purchase.

Sheena Kapoor, Head of Marketing, Corporate Communications & CSR at ICICI Lombard, said, "Our recent report on 'Tax Savings & Health Insurance' uncovers valuable insights. It's evident that while tax benefits play a role, they're not the driving force behind most consumers' decision to invest in health insurance. Only 30% of respondents identified tax exemptions or rebates as their primary motivation. What truly resonates with our customers is the assurance and security provided by health insurance, surpassing mere fiscal advantages. This revelation reshapes the dialogue in our industry, underscoring the fundamental value of health insurance."