Insurance companies in India are planning to hike health insurance premiums by 15-20% in light of high COVID-19 claims and medical inflation. While some companies have already increased their premiums, others are expected to announce a hike in the coming months.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
My name is
My number is
My name is
My number is
City Living in
Do you have an existing illness or medical history?
This helps us find plans that cover your condition and avoid claim rejection
What is your existing illness?
Select all that apply
When did you recover from Covid-19?
Some plans are available only after a certain time
The second wave of the COVID-19 pandemic in India has adversely impacted health insurance companies in India. The number of health claims increased drastically last year due to COVID-19, thereby, increasing the insurer’s costs towards claims. As per a Motilal Oswal report, 6% of the total health claims paid in 2020-21 were related to COVID-19. The percentage is expected to go up to 11-12 % in 2021-22.
Moreover, COVID-19 has also changed the treatment protocol for several health issues. These changes have also impacted the insurers’ costs in terms of claims. As a result, insurance companies are looking to increase health insurance premiums by 15-20 per cent.
Medical inflation is also responsible for the hike in health insurance premiums. Several factors such as new advancements in medical treatment & technology, rising medical costs, etc. have led to higher health claims.
At present, ManipalCigna Health Insurance Company and Star Health & Allied Insurance have hiked the premium of their health insurance plans. While the premium of the ManipalCigna ProHealth plan has been hiked by 14 per cent, the Star Family Health Optima premium has been raised by 15%.
12 May 2022India experiences a hot and dry summer season that lasts for up to...
12 May 2022The number of people who require hearing aids continues to grow...
12 May 2022Accidents are unpredictable. Getting injured in an accident not...
12 May 2022A change in weather can bring respite from the scorching summer...
06 May 2022Life is unpredictable and so is death. A lot of people lose their...