ABSTRACT
This study aims to examine socio-economicfactors, the perceptionofpersonal health insurance products and individual’s personality traits to unbundle the paradox that prevents people from subscribing to health insurance schemes. In spite of its significance, a subscription paralysis has been observed in India for health insurance product. People who can afford Medicare are also found to be either unaware or aversive to it. This survey was conducted in the region of Punjab, India. For a primary data an offline/online questionnaire was sent and collected from the sample respondents from Amritsar, Jalandhar, Mohali, Patiala and Ludhiana. Response evinced by 502 respondents was formed as a part of study for the further data analysis. For assessing the relationships between variables Correlation and Anova were applied as a part of quantitative measuring tool. Finally, regression technique was used to estimate the factors that influence respondents’ decision to purchase health insurance. Age, income of family members, marital status and level of education product perception were found to be significantly associated with health insurance subscription in the region. COVID-19, Marketing forces, Hospital Cost & Tax Benefit showed a positive relationship with respondent’s insurance status whereas financial Literacy and wealth maximization has no significant effect on health insurance. No such research study has been conducted so far on impact of COVID-19 on health insurance sector in this region. This paper reveals the importance of health insurance during the pandemic and the awareness level of people increased. The socio-economic factors, individuals’ product knowledge, awareness perception of cost induce health insurance demand and its subscription in the region. © 2022 Transnational Press London