NEW DELHI: The pandemic has indeed brought health insurance products to the fore and with the locks in place, customers are increasingly discovering the ease of digital purchases.
In an interview with Mint, Tarun Mathur, CBO, Policybazaar.com said that rising Covid cases have led to increased interest in health insurance with high insured sums. In addition, inquiries and sales are twice as high as in the previous year.
What kind of insurance policy is the must to stay protected from the pandemic?
Health insurance and term life insurance are rightly the most sought-after products in this pandemic. The medical costs for Covid treatment are very high and family members are typically at high risk of developing the disease. Thus, every sum insured is under ₹10 lakh can be totally inadequate to treat a family.
Hence, it is advisable to get at least one ₹10 lakh sum insured per person. That being said, there are now plans where coverage starts on day 7 instead of the usual 30 days that customers are happy to buy. Additionally, Covid at-home treatment is covered in a handful of plans that are now gaining popularity with customers.
Under the direction of the Insurance Regulatory Authority of India (Irdai), insurers have also introduced Saral Jeevan Bima coverage. With the new standard term life insurance Saral Jeevan Bima on the market, we see a new customer category for this segment, in which protection is intended for everyone.
Saral Jeevan Bima has made it easier for people with a low education or low income profile to take out term life insurance. The average income of the people investing in Saral Jeevan Bima is ₹3.3 lakh. This plan offers a higher spending rate for the lower income segment groups compared to the other available term plans.
Last year, Covid had peaked by that time, and so many people were rushing to buy health insurance. What are the trends you are seeing now in the renewal time?
In the past 12 months, health insurance has successfully transformed from a good-to-have product to a must-have product – all due to the rise in Covid-19 cases across the country. Compared to the previous year, more and more customers are extending their health insurance. The renewal rates are up to 94%, compared to around 88%.
Another notable change is that many customers with low amounts insured are opting for higher coverage; ₹1 crore in an emergency. Of all family floater policies purchased in the past year, 78% of customers extended their policy, compared with 71% for private individuals.
What is the average amount of damage due to Covid?
Reports vary (different from location to location and company to company) and claims are still pouring in, but we’re already seeing claims of up to ₹15 lakh with an average already at over. sits ₹1 lakh per person.
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source https://dailyhealthynews.ca/health-insurance-policies-covering-domiciliary-covid-treatment-in-demand/
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