2321-5763 (Online)
0976-495X (Print)

Author(s): Anupama Narayanan, Adithyan V S, Vineeth K M


DOI: 10.52711/2321-5763.2024.00008   

Address: Anupama Narayanan, Adithyan V S, Vineeth K M*
Post Graduate, Department of Commerce, Government College, Tripunithura, Kerala 682301, India.
*Corresponding Author

Published In:   Volume - 15,      Issue - 1,     Year - 2024

Insurance can help you manage your risk. It is much better to take a critical illness insurance policy that provides valuable form of financial protection in the event of critical illness. Most of the people are not aware of critical illness insurance and the perception is found to be affected by behavioural biases. The study aims to understand the level of awareness regarding Critical Illness Care Insurance among individuals and the factors contributing to the perception towards Critical Illness Insurance. Further it also attempts to measure the level of overconfidence bias among individuals and assess the relationship between overconfidence bias and perception towards Critical Illness Care Insurance among individuals. The present study is descriptive in nature using both primary and secondary data. Primary data has been collected using Structured Questionnaires using Google Forms. Scale Items were adapted from Berthet (2021) and Roshani (2022). Analysis of the data was conducted using Jamovi. Percentages, Mean Scores, Correlation and Correspondence Analysis were used to analyse the data. Awareness regarding Life Insurance, Motor Insurance and General Health Insurance are higher when compared to Critical Illness Care Insurance and Property Insurance. Overall perception towards critical illness care insurance is found to be low. There exist a moderate level of Overconfidence Bias. A high level of bias is associated with a low level of perception towards critical illness care insurance. Serious policy attention is needed to overcome the biases and educate the public in creating awareness and favourable perception towards critical illness care insurance.

Cite this article:
Anupama Narayanan, Adithyan V S, Vineeth K M. Awareness and Perception towards Critical Illness Care Insurance. Asian Journal of Management. 2024;15(1):45-0. doi: 10.52711/2321-5763.2024.00008

Anupama Narayanan, Adithyan V S, Vineeth K M. Awareness and Perception towards Critical Illness Care Insurance. Asian Journal of Management. 2024;15(1):45-0. doi: 10.52711/2321-5763.2024.00008   Available on:

1.    Aday LA, Andersen R. Insurance coverage and access: implications for health policy. Health Serv Res . 1978; 13(4): 369–77. Available from:
2.    Arif FZE. Insurance distribution in the digital age. 2020;
3.    Bias TK, Agarwal P, Fitzgerald P. Changing Awareness of the Health Insurance Marketplace. Am J Public Health. 2015; 105(Suppl 5): S633–6. Available from:
4.    Chithra VM, Vineeth K. Consumer perception and satisfaction towards KMRL services. Zenith Int J Multidiscip Res. 2018; 8(7): 25–33. Available from:
5.    Garge D, Tare S, Das S. A study on consumer’s understanding of health insurance benefits. J Dent Res Rev. 2020; 7(1): S63-65. Available from:;year=2020;volume=7;issue=5;spage=62;epage=64;aulast=Garge;type=2
6.    Murray D. Do you need critical-illness insurance? Med Econ. 2000; 77(11): 71–4.
7.    Neena M, Vineeth K. Consumer Awareness towards Telematics in Insurance. 2018; 3.
8.    Nikhila M N, Vineeth K. Emotional Finance: Financial Anxiety among Salaried Individuals with Special Reference to Life Insurance. J Gujarat Res Soc. 2019; 21(5): 101–5. Available from:
9.    Noushad P, Sajikumar K, Vineeth K. A Comparative Study of Influence of Celebrity Endorsements by Film Stars and Sportspersons with Special Reference to FMCG Products. Res Rev Int J Multidiscip. 2018; 3(8): 185–90. Available from:
10.    Roshani P, Selvalakshmi V, Sujatha L, Shinde G, Siddiqui MF, Mengesha EA. Analysis of consumer behaviour in health insurance sector. Int J Health Sci. 2022; 1654–68. Available from:
11.    Sreetha A, Sulfiya K, Vineeth K. Consumers Perception towards Telematics in Insurance. Res J Humanit Soc Sci. 2018; 9(3): 657–62. Available from:
12.    Naidu GT, Sri SS. Factors Influencing the Purchase of Individual Health Insurance Policy in Urban India with Special Reference to Visakhapatnam City. Asian J Manag. 2021; 12(4): 511–8. Available from:
13.    Chaudhary V. Health Insurance: A Study on Customer’s Satisfaction and Awareness. Res J Humanit Soc Sci. 2019; 10(2): 371–5. Available from:
14.    Dubey A, Benipal PK. Role of TPAs [Third Party Administrators] in growth of health Insurance in India. Int J Rev Res Soc Sci. 2015; 3(4): 156–8. Available from:
15.    Francis R, Uma V. The Winner in the Battle of Health Insurance Penetration: India or china. Asian J Manag. 2018 ; 9(1): 435. Available from:
16.    Das U, Mohapatra SR. Behavioural Biases in Investment Decision Making: A research study on snakebite and house money effects on Indian individuals. Asian J Manag. 2017; 8(3): 460–70. Available from:
17.    Zibandeh MMM. Modeling Health Insurance Claims with Extreme Observations The case study of Iran Insurance Company. Asian J Manag [Internet]. 2016 Mar 28 [cited 2023 Jul 23];7(1):36–46. Available from:
18.    Singh M, Katiyar AK. Consumers buying behavior towards Online Shopping- A study of Literature Review. Asian J Manag. 2018; 9(1): 490–2. Available from:
19.    Wilson V, Kumar KMS, N S. Development of a Framework for Enhanced Collection of National Health Insurance Levies in Ghana. Asian J Manag. 2020; 11(4): 389–94. Available from:
20.    Harish G, Andrews J. Effective Implementation of Data Segregation and Extraction Using Big Data in E-Health Insurance as a Service. Res J Eng Technol. 2015; 6(2): 246–9. Available from:
21.    Selvabaskar S, Sivagami KGP, Aishwarya S. Consumer Perception and Attitude towards the Usage of M-Health Applications. Res J Pharm Technol. 2017; 10(8): 2567–72. Available from:
22.    Dewi A, Mukti AG. The Strategy to Achieve Universal Health Coverage Membership in Indonesia. Res J Pharm Technol. 2018; 11(5): 1774–7. Available from:
23.    Tae Y, Lee K, Choi AS. Medical Utilization of Non-Cancer Disease by the Cause of Death in the Korea National Health Insurance. Res J Pharm Technol. 2019;12(11):5151–6. Available from:
24.    Harper P. Voluntary Medical Care Insurance in the United States. J Am Med Assoc. 1949; 140(11) :993. Available from:
25.    Phelps CE. Illness prevention and medical insurance. J Hum Resour. 1978; 13 Suppl:183–207.
26.    Hoffman D. Emergency Care and Managed Care—A Dangerous Combination. Wash Law Rev. 1997; 72(2): 315. Available from:
27.    Somers AR. Insurance for Long-Term Care. N Engl J Med. 1987; 317(1): 23–9. Available from:
28.    Pemberton JH. The Elderly Healthcare Consumer: A Critical Review of Information Source Use and Advertising Recommendations. Health Serv Manage Res. 1990; 3(2): 127–36. Available from:
29.    Gibbs DA, Sangl JA, Burrus B. Consumer perspectives on information needs for health plan choice. Health Care Financ Rev. 1996; 18(1): 55–73.
30.    Reshmi B, Sreekumaran Nair N, Sabu KM, Unnikrishnan B. Awareness of health insurance in a South Indian population - A community-based study. Health Popul Perspect Issues. 2007; 30(3): 177–88. Available from:
31.    Yadav SS, Yadav S, Singh S. An Assessment of Awareness about Health Insurance among Residents of Western UP.  J Med Sci Clin Res. 2018; 6(7). Available from:
32.    Choudhary  Heshkumar L, Goswami KI, Khambhati SB, Shah VR, Makwana NR, Yadav SB. Awareness Of Health Insurance and Its Related Issues in Rural Areas of Jamnagar District. Natl J Community Med. 2013; 4(2): 267–71. Available from:
33.    Singh A, Singh A, Bansal A, Chhoker V, Goel S, Goel A, et al. A community-based study to assess the awareness of health insurance among rural Northern Indian population. Int J Health Syst Disaster Manag. 2015; 3(1): 41. Available from:
34.    Chiu JL. Awareness of and willingness to pay for disability insurance in Taiwan. Int J Sci Res. 2022; 8–10. Available from:
35.    Reshmi B, Raghunath R, Unnikrishnan B. Awareness of Health Insurance among Inpatients at a Tertiary Care Hospital in Coastal Karnataka. Indian J Community Med Off Publ Indian Assoc Prev Soc Med. 2010; 35(3): 445–6. Available from:
36.    Gaudet L. Health awareness as genre: the exigence of preparedness in cancer awareness campaigns and critical-illness insurance marketing. Med Humanit. 2022 ; 48(1): 9–16. Available from:
37.    Lambert ZV. Elderly Consumers’ Knowledge Related to Medigap Protection Needs. J Consum Aff. 1980 ; 14(2): 434–51. Available from:
38.    van de Ven WPMM, van Vliet René CJA. Consumer information surplus and adverse selection in competitive health insurance markets: An empirical study. J Health Econ. 1995; 14(2): 149–69. Available from:
39.    Abraham J, Feldman R, Carlin C, Christianson J, Davis L. Are employees informed about their health care coverage? Evidence from the buyers health care action group. Manag Care Interface. 2005; 18(7): 29–36.
40.    White-Means SI. Consumer Information, Insurance, and Doctor Shopping: The Elderly Consumer’s Perspective. J Consum Aff. 1989; 23(1): 45–64. Available from:
41.    Cohen MA, Kumar N. The changing face of long-term care insurance in 1994: profiles and innovations in a dynamic market. Inq J Med Care Organ Provis Financ. 1997; 34(1): 50–61.
42.    Firman JP. Helping consumers to select an appropriate long-term care insurance policy. Pride Inst J Long Term Home Health Care. 1992; 11(4): 18–26.
43.    Wiener JM, Harris KM. High quality private long-term care insurance: can we get there from here? J Aging Soc Policy. 1991; 3(3): 17–32.
44.    Krishnan AS, Pillai JSK, Mondal R. Awareness of health insurance policies among cardiac patients visiting a tertiary care cardiac hospital in South India. Int J Community Med Public Health. 2021; 8(5): 2455–9. Available from:
45.    Cafferata GL. Knowledge of their health insurance coverage by the elderly. Med Care. 1984; 22(9): 835–47.
46.    Enthoven A, Kronick R. A Consumer-Choice Health Plan for the 1990s. N Engl J Med. 1989; 320(2): 94–101. Available from:
47.    Lyman JL, McCabe JB. Emergency department care: cost awareness by health care providers. J Emerg Med. 1987; 5(6): 567–71.
48.    May JH, Cunningham PJ, Hadley J. Most uninsured people unaware of health care safety net providers. Issue Brief Cent Stud Health Syst Change. 2004; 90: 1–4.
49.    Saltz CC, Mahoney KJ, Lusky RA, Wright A. Identifying and Promoting Consumer Awareness of Long Term Care Insurance in Connecticut. Gerontol Geriatr Educ. 1992; 12(4): 45–58. Available from:
50.    Smith DB, Gooding SS, Hebb JH. The Uninsured Consumer and Hospital Choice. J Ambul Care Mark. 1996; 6(1): 87–98. Available from:
51.    Muller C, Schoenberg M. Insurance for mental health. A viewpoint on its scope. Arch Gen Psychiatry. 1974; 31(6): 871–8.
52.    Marquis MS. Consumers’ Knowledge about their Health Insurance Coverage. Health Care Financ Rev. 1983; 5(1): 65–80. Available from:
53.    Berthet V. The Measurement of Individual Differences in Cognitive Biases: A Review and Improvement. Front Psychol. 2021; 12. Available from:
54.    Zou W. How Do Patient-Centered Communication, Emotional Well-Being, Confidence in Health Information-Seeking, and Future Time Perspective Influence Health Self-Efficacy? Am J Health Educ. 2021; 52(3): 137–44. Available from:
55.    R Core Team. R. A Language and Environment for Statistical Computing. 2020. Available from:
56.    The Jamovi Project. Jamovi. 2021. Available from:

Recomonded Articles:

Author(s): R. Shridhar, Radhika Shrivastava

DOI: 10.5958/2321-5763.2018.00114.2         Access: Open Access Read More

Author(s): Ruddhika Ardey, Rithika S, Nikhita Singh, Smita Mehendale

DOI: 10.5958/2321-5763.2018.00126.9         Access: Open Access Read More

Author(s): Mridulesh Singh, Ankit Kumar Katiyar

DOI: 10.5958/2321-5763.2018.00076.8         Access: Open Access Read More

Author(s): Shaeril Michael Almeida, Arson Jokim D’Souza, Tenzin Dolma

DOI: 10.5958/2321-5763.2018.00087.2         Access: Open Access Read More

Author(s): Shailendra Kumar Gupta

DOI: 10.5958/2321-5763.2015.00002.5         Access: Open Access Read More

Author(s): Yosef Latifi, Fariba Azizzadeh, Samira Azizzadeh

DOI: 10.5958/2321-5763.2016.00024.X         Access: Open Access Read More

Asian Journal of Management (AJM) is an international, peer-reviewed journal, devoted to managerial sciences. The aim of AJM is to publish the relevant to applied management theory and practice...... Read more >>>

RNI: Not Available                     
DOI: 10.5958/2321-5763 

Recent Articles