India's Changing Attitude Towards Health Insurance During COVID Times

Ever since the massive wave of the novel Coronavirus engulfed India, we have realised the true value of having a strong immune system and staying healthy. Whether it is putting to use various age-old home remedies or investing in preventive measures if you or a loved one does fall sick, our outlook and attention towards health have changed drastically. One of these measures is investing in a health care insurance plan.

Since last year, there has been a considerable rise in the purchase of health plans, especially with a more comprehensive cover and higher sum insured health policies (more than Rs 25 lakh cover). People in the age group of 31-40 years constituted the most significant percentage of buyers, closely followed by the age bracket of 18-25 years. The majority of these buyers prefer the EMI plan since it provides them with the flexibility to pay the premium over a period of time.

Insurance companies have come with COVID-specific insurance plans with flexible EMI plans and claims processes. For instance, ManipalCigna offers Corona Kavach Policy and Corona Rakshak Policy, plans that individuals and families can take to keep themselves protected against the exorbitant hospitalisation expenses due to COVID-19. The ideas to make these plans more affordable and accessible so that more people can stay protected against the virus.

According to Amit Chhabra, Head Health Insurance, "The pandemic has acted as a catalyst for increased awareness of health insurance. People have realised its importance for unforeseen health-related situations and are now investing more in high sum insured plans for advanced treatments."

Unfortunately, while there has been a steady increase in people purchasing health insurance policies, there has also been an increase in claims. Insurance companies are working tirelessly in ensuring that people can get the required funds on time.

While people in India are changing their attitude towards health insurance policies and being more aware of such a crucial investment, such a care option must become available to the lower-income strata of the society.