Awareness about health insurance in the country is very low with many people not knowing about the products offered by various health insurers, a report surveyed.

“A majority of Indian consumers are unable to distinguish between the different insurance products offered by large health insurers,” Max Bupa said in its research report conducted along with global market research firm, TNS.

The report studied consumers from three cities — Mumbai, Chennai and Meerut. It also said that the consumers were unable to identify various brands (health insurers) and also that very few participants were familiar with smaller insurance brands.

Max Bupa is a joint venture between Max India and the UK-based Bupa Group. It is the third stand-alone health insurance company and has received R1 approval from Irda and is planning to start its operations by March this year.

The other two stand-alone health insurance companies are Star Health & Allied Insurance and Apollo Munich Health Insurance.

Once Max Bupa receives R2 approval, which is expected soon, the company would file for approval for one product with Irda.

“Many participants reported that they felt there is a lack of transparency when dealing with health insurance policies and insurers,” the report said.

Part of this stems from their belief that insurance policy agents do not explain the terms and conditions properly to them when they are making enquiries.

Most believe decisions taken and procedures followed by health insurance companies are not transparent enough.