Know Some of the Trends In The Health Insurance Sector
The Indian health insurance industry is growing rapidly. With the growing awareness about health insurance and advanced technology, people have now started giving importance to health insurance. Recently, the demand for a health insurance policy has witnessed a massive increase amidst the coronavirus outbreak. Many people have started opting for health insurance policies. This outbreak has increased the growth of health insurance by raising the level of health insurance penetration.
Here we will tell you about some of the latest trends in the health insurance sector.
1. Buying Adequate Health Insurance Cover
There has been an increase in the demand for a health insurance policy with a higher sum insured. Earlier people used to undervalue the importance of getting health insurance with higher sum insured thinking if they are healthy, then they would be able to manage the medical expenses. This cannot be the case for everyone. People used to think that a health insurance cover with a sum insured of 5 to 7 lakhs would be sufficient to take care of their medical requirements. Now, people have started realising the value of getting an adequate health insurance cover.
According to the industry trends, many people have started opting for a health insurance cover of Rs. 1 crore.
2. Buying Basic Health Insurance Cover that can be enhanced
People now realize that during this situation of the pandemic, the best way to stay financially secured is to opt for a comprehensive health insurance policy. In order to overcome this situation, people are now opting for regular health insurance policies with higher sum insured to boost the plan with super top-up plans. You can also enhance your health insurance coverage with the help of add-ons.
Care Health Insurance (Formerly Religare Health Insurance) offers Enhance, a super top-up plan that works on the concept of the deductible. With the help of this feature, you can stay stress-free when it comes to the deductible that you can manage with the desired sum insured. This allows you to take care of yourself and your family’s healthcare needs.
3. Rise in Buying Health Insurance Online
Recently, there has been an increase in buying health insurance online, as it has multiple benefits. The facility of getting a health cover online not only allows you to analyse the medical insurance. But, it also allows you to buy it at a lesser premium.
This process is not only convenient; but, it also helps you in buying health insurance cover that is ideal for you.
4. Increase in the Health Insurance Penetration Rate
There has been a rise in the demand for health insurance in tier 3 and 4 cities. In this global outbreak, people from small cities and towns are now opting for comprehensive health insurance policies. The improvement in the health insurance industry is increasing the penetrability, which in turn is improving the healthcare scenario.
The Indian health insurance is a booming sector. If you are planning to opt for a health insurance policy, you should opt for one at the earliest. The sooner you buy it, the lesser premium you need to pay. Even the Insurance Regulatory and Development Authority of India (IRDAI) has permitted the customers to pay the premium in easy monthly installments.
Care Health Insurance (Formerly Religare Health Insurance) is also making a significant contribution by providing coverage for coronavirus and various critical illnesses under existing health covers. Considering these trends, the future of health insurance seems to be hopeful.