Health Insurance: A growing Market in India

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Health Insurance A growing Market in India

With the increase in number of cases of COVID-19, the demand of health insurance has seen a significant rise and specialized health insurers are rolling out best healthy insurance plans. During pandemics, the demand and queries for these plans rises and more number of people invest in health plans. The COVID-19 outbreak has given a boost to health insurance penetration rate.

Increase in Demand of Health Plans

People are more willing to invest in plans with higher sum insured.Earlier, less than 5 percent people were investing in plans in the range of Rs 20 lacs-1 Cr while the share has now seen a rise with 50 percent in the last three months.

The scope of healthcare delivering positive outcomes while on the other side, we can see rise in the cost of medical treatment. Fortunately, health insurance is available to cater to the health emergencies.

A Basic Cover Promotes Better Health Conditions

Health Insurance

With the outbreak of COVID-19 pandemic getting worse each day, people are seeking options to get financial protection by buying comprehensive health insurance policy. These days health insurance promoters are able to promote better healthcare facilities by offering protection from several emergencies. Buying a health insurance enables a person to get quality treatment at the right time without worrying on the medical expenses. Even after having many benefits of health insurance, many people in India don’t have this. As per a recent study,India has the highest number of uninsured people with only 20% penetration of health insurance.

Analyse various Health Insurance Plans

Customer is the king in almost all sectors. Insurance companies are in competition with each other to offer the best health insurance covers. They are on constant run to get maximum customers and offering different products to cover a variety of healthcare needs of people of different ages. Some of the companies are offering comprehensive coverage at affordable premium.

In order to meet the varied needs of different people, most of the insurance companies are developing new plans. Before buying any health insurance, make sure to understand the various features of the policy. The different types of benefits can be maximized or reduced depending upon the sum insured, type of plan, co-payment, deductibles, exclusions etc.

The decision to choose a health insurance plan is very important. It is possible today to choose the best health insurance in India as per your health requirements and budget. Health insurance providers have enabled people to decide the scope of their policy coverage and opt for personal accident insurance or travel insurance for your trip. Make sure to carefully read the terms and conditions of the health insurance plan before choosing one to reap the maximum benefits. Always remember that you can also customize your plan to meet your healthcare needs and some of the covers can be added or deleted as per the requirement.

Staying healthy is good but buying health insurance is best. Remember precaution is always better than sorry later and health insurance works on this simple principle. The increasing medical inflation can be handled only by buying a right health cover.