Affordable health insurance witnessed a rise in demand in India as 7 in 10 chose cost-effective coverage in FY24. According to a study by Policybazaar.com, most buyers are among the elderly age groups.
The findings suggested that out of the total customers opting for affordable plans, 60% are first-time insurance buyers.
The age group between 55+ years comprises the largest percentage of affordable health insurance buyers, accounting for 34% of the total; this is closely followed by customers in the age group of 41-55 at 29%.
At least 25% of senior citizens are reducing their co-pay to 0%.
Co-payment, traditionally chosen by senior citizens to keep premiums low, was previously mandatory for those entering plans after the age of 60.
Currently, many plans either eliminate co-pay or provide the option to reduce it to 0% by paying an extra premium.
60% of affordable health insurance buyers opt for at least one rider while purchasing any plan. Of these, consumable riders are opted by over 65% of customers, followed by 33% of customers opting for Day 1 cover riders for common ailments such as Asthma, BP, Cholesterol and Diabetes.
Further, room rent modification riders and cumulative bonus booster riders are preferred by 17% and 15% of customers respectively.
Customers realise that corporate health insurance alone is not sufficient.
30% of customers who already have employer-sponsored medical insurance opt for a retail health insurance policy with deductibles to make their plan affordable and customisable as per their needs.
Policyholders typically opt for a minimum sum insured of 5 lakhs, with popular choices ranging between 5 to 7 lakhs.
15% customers also opted for the ‘Preferred Hospital Network’ option, which allows for up to 15% discount on the premium.
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