Affordable medical health insurance witnessed an increase in demand in India as 7 in 10 selected cost-effective protection in FY24. According to a research by Policybazaar.com, most patrons are among the many aged age teams.

The findings recommended that out of the entire clients choosing reasonably priced plans, 60% are first-time insurance coverage patrons.

The age group between 55+ years includes the biggest share of reasonably priced medical health insurance patrons, accounting for 34% of the entire; that is intently adopted by clients within the age group of 41-55 at 29%.

At least 25% of senior residents are lowering their co-pay to 0%.

Co-payment, historically chosen by senior residents to maintain premiums low, was beforehand obligatory for these coming into plans after the age of 60.

Currently, many plans both get rid of co-pay or present the choice to cut back it to 0% by paying an additional premium.

60% of reasonably priced medical health insurance patrons go for at the very least one rider whereas buying any plan. Of these, consumable riders are opted by over 65% of shoppers, adopted by 33% of shoppers choosing Day 1 cowl riders for frequent illnesses comparable to Asthma, BP, Cholesterol and Diabetes.

Further, room lease modification riders and cumulative bonus booster riders are most popular by 17% and 15% of shoppers respectively.

Customers realise that company medical health insurance alone shouldn’t be adequate.

30% of shoppers who have already got employer-sponsored medical insurance coverage go for a retail medical health insurance coverage with deductibles to make their plan reasonably priced and customisable as per their wants.

Policyholders sometimes go for a minimal sum insured of 5 lakhs, with standard selections ranging between 5 to 7 lakhs.

15% clients additionally opted for the ‘Preferred Hospital Network’ choice, which permits for as much as 15% low cost on the premium.

first printed: April 10, 2024, 10:20 IST