The penetration of high-sum insured insurance policies, i.e., Rs 1 crore cowl has grown to 35 p.c in comparison with 2 p.c in 2019, in line with a report by Policybazaar.
It clearly exhibits how consciousness round excessive sum insured covers has picked up, the report mentioned.
Given three months into 2021, the report acknowledged that the typical share of Rs 1 crore well being plan bookings as of now stands at 12.5 p.c in comparison with 9 p.c in 2020. In June 2020, the share of excessive sum insured insurance policies went as much as 35 p.c from 15 p.c in May, resulting from concern of COVID-19 and rising hospitalization prices.
The report added that the age group of 30-40 holds the very best share in shopping for the excessive sum insured insurance policies (Rs 1 crore), i.e., 55 p.c. Out of this, solely 13 p.c have pre-existing ailments and 87 p.c don’t have any pre-existing illness.
Out of the entire medical health insurance insurance policies offered on the Policybazaar web site, 35 p.c share is for the insurance policies with a sum insured of Rs 5 lakh and 11 p.c is for Rs 10 lakh cowl, whereas the share for these with Rs 1 crore cowl stands at 15 p.c, the survey revealed.
“The year 2020 was like none other. It was a year that not only saw a small virus change the world that we live in but also changed our perceptions about the importance and need for health insurance. Hospitals bills went up to a minimum of 25 lakh and people with a lower heath cover were helpless. To address these concerns, there are several Rs 1 crore health insurance plans available in the market at a very nominal price those of which provide overall comprehensive coverage to the customers,” the report mentioned.
According to Policybazaar, the insurance policies that witnessed lots of traction on its web site are Max Bupa, Care Health Insurance and Aditya Birla Capital.
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