According to Policybazaar, policies by Max Bupa, Care Health Insurance and Aditya Birla Capital have received good traction 
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According to Policybazaar, policies by Max Bupa, Care Health Insurance and Aditya Birla Capital have received good traction Covid-induced awareness around health insurance has led to an increase in sales of high-value policies which offer coverage up to Rs 1 crore. Data available from Policybazaar shows the penetration of such policies has grown from 2 per cent to 35 per cent between 2019 and now.
"Towards the end of 2019 the penetration of high sum insured policies (Rs 1 crore cover) was at 2 per cent which has now grown to 35 per cent at present, clearly showing how awareness around high sum insured covers has picked up," says Amit Chhabra, head of health insurance at Policybazaar.
Three months into 2021, the average share of Rs 1 crore health plan bookings with Policybazaar stands at 12.5 per cent compared to 9 per cent in 2020. "In June 2020, the share of high sum insured policies went up to 35 per cent from 15 per cent in May, due to fear of COVID and rising hospitalisation costs," Chhabra says.
Out of the total health insurance policies sold on the insuretech's website, 35 per cent share is for policies with a sum insured of Rs 5 lakh and 11 per cent for Rs 10 lakh cover, while the share for those with Rs 1 crore cover stands at 15 per cent.
Are such policies expensive? Not necessarily. It may require a couple of thousands extra on annual basis. However, only a specific set of people are eligible for it. For example, Rs 1 crore coverage NCB Super Premium policy by Care Health Insurance is available for Rs 1,020 monthly premium compared to Rs 758 for a Rs 10 lakh coverage policy.
"The core is to give customers high sum-insured policies and at the same time not be very expensive. If you add additional features and make it expensive then it defeats the whole purpose because then affordability becomes a challenge. Rs 1 crore cover policies have pretty much same features as a normal Rs 5 lakh health plan. It is not a luxury product," says Chhabra.
According to Policybazaar, such policies by Max Bupa, Care Health Insurance and Aditya Birla Capital have received good traction.
"We have seen a very positive response for high sum insured covers. The need of the hour also demands that beyond the cover being comprehensive, it should be affordable for the customers and sustainable for lifetime. We also advise customers to not only buy covers only to cover reactive care hospitalisation but look at covers which offer holistic offerings along with wellness that ensures that the customer stay healthy and maintain a healthy lifestyle," says Mayank Bathwal, CEO, Aditya Birla Health Insurance.
Aditya Birla's Activ Assure/Activ Health +Super Health Plus Top plan gives a cover of Rs 1 crore. As you buy a policy, you should focus on a comprehensive coverage. "The key features that could help to take more informed decision are Lifetime Renewability, Pre-existing ailments, Sub-limit, Day-care and OPD expenses, Age limit for Pre Policy medical test, exclusions, capping, and also upto 100% incentives for maintaining healthy lifestyle. Customer should look at holistic plan which not only covers hospitalisation expenses but also offers complete wellness programs which ensures that you stay fit and healthy through your life. Given the rampant rise of chronic illnesses such as diabetes, blood pressure, High Cholesterol etc. An ideal cover may also include chronic management program which along with right coaching interventions induces discipline in such chronic patients and aims at managing the illness very well," says Bathwal.
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