{"id":12666,"date":"2023-08-17T15:14:57","date_gmt":"2023-08-17T09:44:57","guid":{"rendered":"https:\/\/payu.in\/blog\/?p=12666"},"modified":"2023-08-21T20:43:12","modified_gmt":"2023-08-21T15:13:12","slug":"payus-emi-integration-aiding-insurance-penetration","status":"publish","type":"post","link":"https:\/\/payu.in\/blog\/payus-emi-integration-aiding-insurance-penetration\/","title":{"rendered":"Aligning PayU\u2019s product suite for insurance to achieve IRDAI\u2019s Goal 2047 | PayU EMI"},"content":{"rendered":"\n<p>We all have heard the saying prevention is better than cure.\u00a0\u00a0<\/p>\n\n\n\n<p>Health insurance still isn\u2019t a common investment term for many in India. Hence, a huge part of the population struggles with financing their families\u2019 day-to-day healthcare.&nbsp;&nbsp;<\/p>\n\n\n\n<p>According to health insurance <a href=\"https:\/\/timesofindia.indiatimes.com\/india\/indians-pay-78-of-medical-expenses-from-their-own-pocket\/articleshow\/7270363.cms\">statistics<\/a> in India, 31% of hospitalizations are financed with loans and 47% by selling assets. <\/p>\n\n\n\n<div class=\"wp-block-image is-style-default\"><figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/payu.in\/blog\/wp-content\/uploads\/2023\/08\/PayU-2-1-1024x576.png\" alt=\"PayU's EMI Integration supporting Insurance penetration - high cost of premiums is one of the major reasons why people in India don't buy insurance. Currently. 31% of hospitalizations are financed with loans and 47% by selling assets and 70% of Indians spend their entire income on healthcare.\" class=\"wp-image-12692\" width=\"583\" height=\"328\" title=\"Present healthcare insurance statistics in India\" srcset=\"https:\/\/payu.in\/blog\/wp-content\/uploads\/2023\/08\/PayU-2-1-1024x576.png 1024w, https:\/\/payu.in\/blog\/wp-content\/uploads\/2023\/08\/PayU-2-1-300x169.png 300w, https:\/\/payu.in\/blog\/wp-content\/uploads\/2023\/08\/PayU-2-1-768x432.png 768w, https:\/\/payu.in\/blog\/wp-content\/uploads\/2023\/08\/PayU-2-1-1536x864.png 1536w, https:\/\/payu.in\/blog\/wp-content\/uploads\/2023\/08\/PayU-2-1-1250x703.png 1250w, https:\/\/payu.in\/blog\/wp-content\/uploads\/2023\/08\/PayU-2-1.png 1920w\" sizes=\"(max-width: 583px) 100vw, 583px\" \/><figcaption>Present healthcare insurance statistics in India<\/figcaption><\/figure><\/div>\n\n\n\n<p>Also, 70% of Indians spend their entire income on healthcare, and 3.2% go under the poverty line due to excessive medical costs.\u00a0<\/p>\n\n\n\n<p>As per the Insurance Regulatory and Development Authority of India (IRDAI), <a href=\"https:\/\/www.outlookindia.com\/business\/irdai-begins-impact-study-for-insurance-industry-s-transition-to-ind-rbc-framework-news-310055#:~:text=The%20Insurance%20Regulatory%20and%20Development,insurance%20for%20all%20by%202047.\">Goal 2047<\/a> aims to cover 100% of India\u2019s population under insurance by 2047.<strong><em> <\/em><\/strong>However, around 40 crore Indians still lack health insurance for various reasons.\u00a0\u00a0<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong><strong>Reasons for low insurance penetration<\/strong>&nbsp;<\/strong><\/h2>\n\n\n\n<p>As per <a href=\"https:\/\/www.policybazaar.com\/pblife\/newsroom\/special-story\/how-india-buys-insurance-key-takeaways-from-our-consumer-insights-report\">studies<\/a>, there are multiple reasons why people may not opt for insurance:&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-image is-style-default\"><figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/payu.in\/blog\/wp-content\/uploads\/2023\/08\/PayU-1024x576.png\" alt=\"PayU's EMI Integration supporting Insurance penetration - high cost of premiums is one of the major reasons why people in India don't buy insurance\" class=\"wp-image-12687\" width=\"475\" height=\"267\" srcset=\"https:\/\/payu.in\/blog\/wp-content\/uploads\/2023\/08\/PayU-1024x576.png 1024w, https:\/\/payu.in\/blog\/wp-content\/uploads\/2023\/08\/PayU-300x169.png 300w, https:\/\/payu.in\/blog\/wp-content\/uploads\/2023\/08\/PayU-768x432.png 768w, https:\/\/payu.in\/blog\/wp-content\/uploads\/2023\/08\/PayU-1536x864.png 1536w, https:\/\/payu.in\/blog\/wp-content\/uploads\/2023\/08\/PayU-1250x703.png 1250w, https:\/\/payu.in\/blog\/wp-content\/uploads\/2023\/08\/PayU.png 1920w\" sizes=\"(max-width: 475px) 100vw, 475px\" \/><figcaption>Four major reasons why people opt out of insurance in India<\/figcaption><\/figure><\/div>\n\n\n\n<p>Talking about high premiums, <strong><span style=\"color:#c90a0d\" class=\"has-inline-color\">4 out of 10 people find insurance premiums very high<\/span><\/strong>, discouraging them from getting insurance.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Consider a family of four \u2013 a couple and their two children.<\/p>\n\n\n\n<p>For health insurance cover of \u20b910 lakhs, they need to pay a premium of about \u20b925,000 annually. As the <a href=\"https:\/\/www.livemint.com\/Politics\/AvHvyHVJIhR0Q629wkPS5M\/Indias-richest-20-account-for-45-of-income.html\">monthly disposable income<\/a> of 80% of Indian households is below \u20b920000, paying the premium upfront is a challenge.&nbsp;&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>How PayU is supporting the insurance industry with EMI integration<\/strong><\/h2>\n\n\n\n<p>PayU understands that customers have buying intent but may be limited by their budgets. We strive to best support our partner businesses in providing their customers with the <a href=\"https:\/\/payu.in\/blog\/reasons-your-business-should-offer-emi\/\">best affordability solutions<\/a>. Insurance penetration with PayU&#8217;s EMI Integration<\/p>\n\n\n\n<p>Our <a href=\"https:\/\/lp.payu.in\/affordability-suite\">product suite<\/a> includes the best EMI schemes \u2013 be it on credit cards from 16+ issuers or debit cards from 6+ issuers. People who don\u2019t have credit or debit cards can opt for cardless EMIs supported by 6+ partners.<\/p>\n\n\n\n<div class=\"wp-block-image is-style-default\"><figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/payu.in\/blog\/wp-content\/uploads\/2023\/08\/PayU-3-3-1024x614.png\" alt=\"PayU has the highest issuer coverage in the industry\" class=\"wp-image-12697\" width=\"623\" height=\"372\"\/><figcaption>PayU has the highest issuer coverage in the industry<\/figcaption><\/figure><\/div>\n\n\n\n<p>One of our partner businesses, a leading health insurance brand, trusts us with our <a href=\"https:\/\/devguide.payu.in\/emi-integration\/payu-emi-integration-overview\/\">Affordability Suite<\/a> and <span style=\"color:#174037\" class=\"has-inline-color\">saw an average m-o-m growth of 133% in conversions<\/span>.<\/p>\n\n\n\n<p>This is only the start, and we aim to support insurance penetration with PayU&#8217;s EMI Integration. Also, empower insurance businesses and help IRDAI achieve Goal 2047.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>We all have heard the saying prevention is better than cure.\u00a0\u00a0 Health insurance still isn\u2019t a common investment term for many in India. Hence, a huge part of the population&#8230;<\/p>\n","protected":false},"author":71,"featured_media":12684,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[583],"tags":[872,1305,849,1451,1450,848],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>PayU&#039;s EMI Integration aiding insurance penetration in India - PayU Blog<\/title>\n<meta name=\"description\" content=\"High premium cost deter many from buying insurance in India. PayU&#039;s EMI integration supports IRDAI&#039;s Goal 2047 of 100% insurance penetration.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/payu.in\/blog\/payus-emi-integration-aiding-insurance-penetration\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PayU&#039;s EMI Integration aiding insurance penetration in India - PayU Blog\" \/>\n<meta property=\"og:description\" content=\"High premium cost deter many from buying insurance in India. 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