Rise in health insurance renewals – Rush towards wellness products

New-age medical health insurance plans or wellness-oriented well being covers include some elite options like stress administration, wellness factors, preventive well being check-ups, health club and yoga memberships, and dietary steering.

Within the final 12 months, medical health insurance has efficiently reworked from being a good-to-have product to essential commodity – all due to the rising COVID-19 circumstances throughout the nation. Persons are in a state of panic and concern that the novel coronavirus can infect them anytime anyplace and have realized that the one method to keep financially protected towards the pandemic is by investing in a complete medical health insurance plan.

Curiously, even the variety of folks renewing their medical health insurance insurance policies this yr are a lot greater than ever earlier than. Because it seems, this might not have occurred at any higher time!

Rise in Well being Insurance coverage Renewals

As per accessible knowledge, of all of the family-floater medical health insurance insurance policies offered final yr, over 85% of the policyholders renewed their insurance policies earlier than expiry. Equally, roughly 80% of the purchasers with particular person medical health insurance plans renewed their insurance policies earlier than the due date. For patrons with well being insurance policies older than a yr, the renewal charges have been 94% for people and 97% for household floater plans.

Such a excessive renewal charge clearly signifies that whereas the preliminary choice of shopping for a well being cowl often is the ongoing pandemic however over time, folks have definitely realized what function medical health insurance can play in securing the very best well being care services with out having to fret about the fee. By renewing your well being coverage throughout the due date, you’re aware about a plethora of continuity advantages like uninterrupted protection, No-Declare Bonus advantages, and no contemporary ready interval.

Throughout unprecedented instances like these, when the COVID-19 virus is believed to have turn into airborne, you’d by no means need to convey a break in your well being cowl and would relatively need to keep protected day-after-day. Do notice, even when there’s a single-day hole in your medical health insurance protection continuity, the insurer can instantly reject your declare. By renewing your medical health insurance coverage on time, you aren’t simply staying financially secured towards any medical bills however are additionally guaranteeing a strong future on your family members.

Wellness Plans Achieve Traction

One other vital pattern to spotlight; in what we will name an accelerating shift, customers at the moment are utilizing their ‘wellness factors’ through the medical health insurance renewal to avail reductions on the premium. Of all of the folks shopping for medical health insurance plans within the months of March and April final yr, over 20% of individuals renewed their insurance policies this yr by way of wellness factors. This exhibits how folks have steadily began transferring in direction of a preventive mind-set that leans away from conventional medical health insurance choices. During the last 2 years, in relation to medical health insurance, a important variety of customers may be seen exhibiting a proactive curiosity in staying wholesome and ask for wellness-oriented medical health insurance plans. Of late, there was an uptick in merchandise that mirror day by day priorities or life targets.

New-age medical health insurance plans or wellness-oriented well being covers include some elite options like stress administration, wellness factors, preventive well being check-ups, health club and yoga memberships, and dietary steering. Some outstanding plan names and their options embrace Max Bupa Well being Insurance coverage ReAssure’s – Stay Well being Profit that offers low cost as much as 30% on renewal premium. Equally, Aditya Birla’s Well being Activ Assur Diamond and Activ Well being Platinum plans supply reductions as much as 100% on renewal premiums. You can even purchase HDFC Ergo Well being’s Optima Restore and Manipal Cigna’s ProHealth to avail low cost As much as 8% and 20% respectively on renewal premium.

Rs 1 Crore Sum Insured – A New Class

Curiously, within the final 12 months, Rs 1-crore medical health insurance plans have additionally efficiently created a separate area of interest for themselves within the business. Of all of the medical health insurance renewals this yr, 35% of consumers enhanced the protection and invested in Rs 1-crore sum insured well being plans. As soon as a extremely priced product, these plans at the moment are simply accessible at inexpensive premiums – premiums as little as Rs 600 – Rs 800 monthly for a 30-year outdated particular person residing in a metro metropolis. This has additionally been potential with the introduction of the ability to pay premiums in simple month-to-month instalments. Whereas earlier the shopper needed to pay your entire premium as a lump sum, the premiums can now be paid in month-to-month, quarterly, or half-yearly instalments as effectively other than the selection of paying the premium yearly.

(By Amit Chhabra, Head-Well being Insurance coverage, Policybazaar.com)