Age Factor– A Basic Parameter for Health Insurance- A Study with Special Reference to Chennai City among Standalone Health Insurers

Abstract: Age is a basic factor for any kind of insurance. and the premiums that are to be paid are based on Age. In India, the premiums are low for Health Insurance if the age of the proposer is less whereas the same is on the converse in case of United States including the Medic Aid or Obamacare. In case of Life Insurance, the age is the longevity factor whereas the same is the factor for Health Insurance in determining the cost and coverage. Hence to analyse the fact of Age with reference to insurance a research study was taken up and data were collected from 531 samples from salaried and business class relating to Banking, IT & IT enabled Services, Manufacturing sector in the city of Chennai relating to Standalone Health Insurers. The collected data were analysed with statistical tools and the results show that majority of the respondents were males and they are between 31-40 years of age.