Customers realise that company medical insurance alone is just not enough.
Policyholders sometimes go for a minimal sum insured of 5 lakhs, with fashionable selections ranging between 5 to 7 lakhs.
Affordable medical insurance witnessed an increase in demand in India as 7 in 10 selected value-efficient protection in FY24. According to a examine by Policybazaar.com, most patrons are among the many aged age teams.
The findings prompt that out of the entire clients choosing inexpensive plans, 60% are first-time insurance coverage patrons.
The age group between 55+ years contains the biggest share of inexpensive medical 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 decreasing their co-pay to 0%.
Co-payment, historically chosen by senior residents to maintain premiums low, was beforehand necessary for these coming into plans after the age of 60.
Currently, many plans both remove co-pay or present the choice to cut back it to 0% by paying an additional premium.
60% of inexpensive medical insurance patrons go for no less than 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 widespread illnesses akin to Asthma, BP, Cholesterol and Diabetes.
Further, room lease modification riders and cumulative bonus booster riders are most well-liked by 17% and 15% of shoppers respectively.
Customers realise that company medical insurance alone is just not enough.
30% of shoppers who have already got employer-sponsored medical insurance coverage go for a retail medical insurance coverage with deductibles to make their plan inexpensive and customisable as per their wants.
Policyholders sometimes go for a minimal sum insured of 5 lakhs, with fashionable selections ranging between 5 to 7 lakhs.
15% clients additionally opted for the ‘Preferred Hospital Network’ possibility, which permits for as much as 15% low cost on the premium.
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