FACTORS INFLUENCING POLICYHOLDERS’ WILLINGNESS TO PAY FOR HEALTH INSURANCE SCHEMES IN MADURAI DISTRICT

Abstract

The purpose of this research is to determine the elements that influence policyholders' willingness to contribute to health insurance-related schemes. The set objectives are to create a demographic profile of health insurance schemes among policyholders and examine the different elements affecting policyholders' willingness to pay for health insurance related schemes. Using a stratified sampling technique, the Madurai District provided the sample of 729 respondents. A standard questionnaire based on a thorough literature review was employed to examine the data. The information was examined utilising statistical methods. A demographic profile of the respondents, a factor analysis, and a measurement model on the data using SPSS 23.0 revealed that the results indicated an exploratory analysis because the five categories were elements affecting the willingness of policyholders to pay for health insurance programmes. Moreover, the demographic profile included health insurance-related schemes. The results of the study may be helpful for understanding the variables affecting policyholders' willingness to pay for health insurance plans, which are important sources of health insurance. It was suggested that the Madurai District become more aware of the scheme.

Keywords: Health insurance, schemes, policyholders, factors, awareness.