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India Sees A Growth In Its Health Insurance Market

16 Aug 2020

In a survey conducted by Max Bupa, an India-based insurance company, it found out that of the 1,700 respondents, only around 10 per cent were interested in purchasing a health insurance plan before the coronavirus pandemic. Now, more than 70% are eager to get their hands on a health insurance package as a way to combat the challenges of Covid-19

The health insurance company carried out two different surveys across different Indian markets. The first was conducted in February as a pre-coronavirus reference point. While the last was conducted in May as a post-coronavirus reference point. The survey revealed that more millennials in the country are interested in health insurance in May than they were in February. The reason for this could be to save up on medical costs should they contract the virus.

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The survey showed that women are leading the line when it comes to making financial decisions. According to the survey, more than 60 per cent of females have enquired about a health insurance package in some form, compared to just 50 per cent of males. This specific trend was noticeable in leading cities such as Mumbai and Chennai. Also, the survey showed that close 60 per cent of respondents enquired about coronavirus coverage in their already existing or intended coverages. More than 70 per cent were willing to increase their premiums to acquire coverage for the virus.

“COVID-19 has led to a shift in mentality for people. Most people are now taking their health seriously, and they are more aware of the benefits of having a health insurance plan, most especially in these uncertain times. There has been a sharp shift in how people see their health. In times past, only a few number of persons thought about getting a health insurance plan. Now that number is rising daily,” the health insurer said.

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The results from Max Bupa’s surveys show that more people are interested in health insurance. This offers an opportunity for several insurance companies in the Indian market. An increase in demand means there is a supply market.

Indians can take advantage of the new health insurance offerings flooding the market. For example, the Canara Bank in India has purchased three insurance companies to sell a pocket-friendly coronavirus insurance policy, tagged Corona Kavach plans. These plans cost as low as $4, and they help provide cover for any coronavirus related health expenses.

“The Corona Kavach plans are a welcomed development,” said Beatriz Benito, Senior Insurance Analyst at GlobalData. “They appeal to the younger generation thanks to their affordability. The plans are straightforward and simple to digest. The fact that the IRDAI dictates that the plans provide uniform features is another plus.”

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