People are becoming health conscious like never before. Maintaining health lifestyle, balanced diet, a regular physical activity and monitoring vital health parameters regularly are seamlessly becoming part of our lives. This is the reason there have been a shift, where policyholders are now using their ‘wellness points’ during the health insurance renewal to avail discounts on the premium. This also tells us how policyholders are slowly and gradually shifting toward a preventive mind-set.
According to data shared by PolicyBazaar.com, over 30 per cent of people who purchased health insurance plans in March and April of last year renewed their policies through wellness points this year. Last year over 20 per cent health insurance buyers redeemed wellness points for discounts on renewals last year. “The average discount that a customer is getting on renewal is 15 per cent, with the highest being 100 per cent of the policy premium,” said Siddharth Singhal, Head - HI Renewals, Policybazaar.com.
How do one avail these wellness points in a health insurance policy? Singhal adds, “There are multiple ways. One can avail by either downloading app or registering for steps count, or fill online health assessment forms, enrol for disease management programs offered by the insurer, enrol for gym membership or yoga sessions. For each of these, details are provided in the policy wording.”
“Wellness Benefit or Wellness discount is calculated basis the values against 8 health parameters like Blood Sugar Level, Cholesterol Level, Haemoglobin, Blood pressure, Step Count (to name a few). Given that a person diligently maintains a healthy lifestyle including consistent physical activity, a discount of 10 per cent on an average can be availed through Wellness,” pointed out Bhaskar Nerurkar, Head – Health Administration Team, Bajaj Allianz General Insurance.
Wellness discount is currently available in 3 products- Health Guard, Health Infinity and Criti Care. “Going forward it would a regular feature in all product. The maximum possible discount available under the product is 12.5,” says Nerurkar.
Insurance companies are also utilising wearables and health apps that provide benefits such as blood sugar monitoring, BMI, pedometer, behavioural counselling, and video/teleconsultation with doctors. Some insurers use external motivators such as rewards, monetary discounts, and digital badges to encourage customers to live healthier lifestyle.
“Insurers offer discounts on renewal premiums if the insured person exhibits healthy behaviours such as a number of steps per week, calorie count, and a healthy heart rate. Customers are also being enrolled in wellness programmes by insurance companies. These wellness reward programmes (WRP) are designed to encourage insured individuals to participate in certain activities to stay active and medically fit,” said Singhal.
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