Health insurance policies see growing demand as Covid-19 cases surge

With the rise of the third wave of Covid-19 in the country, more people are rushing to buy health insurance to protect them and their families. According to insurance aggregators there has been an at least 30 per cent jump in demand since the beginning of the third wave.  

Amit Chhabra, Head-Health Insurance, Policybazaar.com says, "We've seen a significant increase in demand for health insurance products in recent days, as Covid-19 cases have risen across the country. Leads for health products have increased by 30 per cent, and daily premiums have increased by 45 per cent. The demand for health products is increasing faster than we have seen in the past. There is a natural demand for policies that provide early Covid-19 coverage." 

Naval Goel, Founder & CEO, PolicyX.com says, "In the last 10 days or more, there is an average 10 per cent increase in the demand for health insurance plans where the majority of people are looking for health insurance plans to insure their complete family."  

Experts say there has also been an increase in demand for the rider that covers consumable items as they are highly used during Covid-19 treatment and comprise around 30 per cent of medical bills. 

"Customers are also looking for policies that cover consumables or selecting riders. Even health insurance renewal persistence has increased by nearly 3 per cent," says Chhabra. 

Moreover, there has been a reduction in the timeline of decision-making from the consumers' end.  

"While earlier people used to consume at least a week on an average to decide to buy health insurance but now people are willing to buy health insurance where they purchase a maximum a day or two as they are quite terrified with another wave of the infection," says Goel.  

The pandemic has also increased awareness about the health insurance product as people have been more inquisitive than before about terms and conditions while buying the policy.  

"Another interesting trend is that people are being more involved and educated about health insurance. There has always been a need to explain and educate customers about different aspects of the health insurance plan and how can health insurance help them in difficult scenarios. But now people are well equipped with their demands and ask questions with regards to various benefits and features related to an adverse situation. This demonstrates that there is a high level of awareness and willingness amongst customers," says Goel.  

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