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General Health Insurance Is Getting Bigger & Better Than Ever Before

Health insurance companies are finally responding to the policyholders requirement, with insurance cover of up to INR1 Crore

Health insurance companies it seems are finally opening up to the requirements of the policyholders. Today, insurers are offering INR1 Crore as sum assured, medical coverage worldwide, reduced waiting period related to pre-existing diseases, and cover for all ages. No, this is not a part of some amazing futuristic policy, but offer from the General Insurance Companies for a change.

This change of mindset of insurance companies is evident from the new edition plan introduced by Max Bupa. It has introduced Heartbeat Insurance Plan, a revised flagship product. It offers the benefits to both extended and nuclear families, including individuals. The plan offers a comprehensive cover including cashless treatment abroad, for major 9 critical illnesses. Additionally, the plan offers, medical evacuation worldwide during emergencies, and an assured flexibility ranging between INR 2 Lakhs to INR1 Crore.

The product also comes with reduction in waiting period for pre-existing diseases to 24 months, for INR5 Lakhs or above in sum insured. It also gives the option of co-pay tapering, which is ideal for people above 60 years of age. The elderly can now enjoy comprehensive coverage through this plan, with reduced co-payment that subsequently reaches zero on continuous renewal.

Heartbeat new edition plan comes with minimal increase in premium amounts across variants despite of product enhancement in a bid to woo customers. Such customer friendly policies are at par with the increasing demands for unique and best family health care plans, according to the latest research from Max Bupa.

One of the premium players in the health insurance stand-alone space is Cigna TTK. The company offers emergency worldwide cover under its ProHealth product. Policyholders can avail reimbursement for medical expenses overseas under this plan. Claim amounts will be paid in Indian currency. Sum insured under this plan is INR1 Crore, with waiting period reduced to 2 years. It also covers critical illness expenditure to ease the burden of paying multiple premiums across different insurance policies, for availing critical illnesses benefit.

Medical inflation in India currently stands at 15% to 20%. Health-related expenses today have also become quite steep. The result is a high demand for medical coverage. Thus, International health coverage, which was earlier the prerogative of premium customers only, is now being availed by families belonging to the middle-income category.

Insurance companies are delighted to meet the rising demand with improved policy benefits. However, policyholders must be ready to shell out more on the premiums to enjoy the feature rich benefits of the policies. According to the market estimates, a 10% to 20% rise in premium amount is currently on the cards. This is fallout of rising inflation and addition of new features to the good old covers in tandem with the shift in customer needs.