Insurance policies

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

With the rise of the third wave of Covid-19 in the country, more and more people are rushing to get health insurance to protect themselves and their families. According to insurance aggregators, demand has increased by at least 30% since the start of the third wave.

Amit Chhabra, Head-Health Insurance, Policybazaar.com says, “We have seen a significant increase in demand for health insurance products in recent days as Covid-19 cases have increased across the country. Leads for health products increased by 30 percent, and daily rewards increased by 45 percent. The demand for health products is growing faster than in the past. There is a natural demand for policies that offer early Covid-19 coverage.

Naval Goel, Founder and CEO of PolicyX.com, says, “Over the past 10 days or more, there has been an average increase of 10% in demand for health insurance plans, with the majority of people looking for plans health insurance to ensure their entire family.”

Experts say there has also been a surge in demand for the jumper that covers consumable items as they are heavily used during Covid-19 treatment and account for around 30% of medical bills.

“Customers are also looking for policies that cover consumables or select riders. Even health insurance renewal persistence has increased by almost 3%,” says Chhabra.

In addition, there has been a reduction in decision-making time on the consumer side.

“Whereas before people used to consume at least a week on average to decide whether to buy health insurance, but now people are ready to buy health insurance where they buy a maximum of a day or two because they are quite terrified of another wave of infection,” Goël said.

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

“Another interesting trend is that people are more involved and knowledgeable about health insurance. There has always been a need to explain and educate customers about different aspects of health insurance and how health insurance works. health insurance can help them in difficult scenarios. But now people are well equipped with their claims and asking about the various benefits and features of an adverse situation. This demonstrates that there is a high level of awareness and willingness among customers,” says Goel.

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