With health inflation and out-of-pocket medical expenses on a rise, insurers are providing large covers and health insurance of ₹1 crore is becoming the new norm. Both public and private sector players are increasing the sum insured of their products. Insurers believe that there is a high demand for an increased cover and products catering to high demands must be introduced in the market.
Private insurers have already begun providing high value individual and family covers to their customers. Some private insurers are even offering coverage up to ₹2 crore. With increase in chronic ailments like diabetes and high blood pressure and with people getting self-employed, the demand for high value insurance is on a rise. This will increase further in the future as the standard of living of people improves.
Another major contributing factor to the rise in individual covers is the decline in the employer cover. Several employers are either reducing their healthcare cover amount or introducing the option of co-pay making it difficult for employees to cope up with inflation. Whereas, a yearly premium of ₹45,000 – 50,000 allows an employee to opt for a standalone insurance cover of up to ₹1 crore.
Not only the insurers are offering a high cover, but also the waiting period for diseases is going down. This is a great relief for policy holders with critical illnesses. Besides, these high proposition insurance covers include worldwide emergency cover up to the full sum insured. Considering the demography of India, this is a great move, which will attract several buyers in the coming years.
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