Over 85% of policyholders renewed household floater well being insurance policies earlier than expiry

NEW DELHI: In the backdrop of the raging coronavirus pandemic, it has been noticed that most individuals have been renewing their medical insurance insurance policies on time in order that they’ll keep away from issues that come up out of lacking the due date.

According to a examine by Policybazaar.com, over 85% of all family-floater medical insurance insurance policies offered final yr have been renewed earlier than expiry. Also, roughly 80% of shoppers with particular person medical insurance plans renewed their insurance policies by the scheduled deadline.

Amit Chhabra, Head-Health Insurance, Policybazaar.com stated, “People are terrified that the novel coronavirus will infect them at anytime, anywhere, and have realized that the only way to protect themselves financially from the pandemic is to invest in a comprehensive health insurance plan. Surprisingly, the number of people renewing their health insurance policies this year is much higher than in previous years.”

According to the net insurance coverage market, renewal price for purchasers with particular person well being insurance policies older than a yr was 94%, whereas the identical was 97% for household floater plans. Such excessive renewal charges point out that whereas the preliminary determination to buy a medical insurance coverage could have been influenced by the continued pandemic, individuals have progressively realised the position insurance coverage can play in securing the very best well being care services with out having to fret about the associated fee.

By renewing medical insurance coverage by the due date, one good points entry to a slew of continuity advantages resembling uninterrupted protection, No-Claim Bonus advantages, and no new ready interval.

Another noteworthy pattern has been that customers are actually utilizing their ‘wellness factors’ throughout medical insurance renewal to acquire premium reductions. Over 20% of people that bought medical insurance plans in March and April final yr renewed their insurance policies via wellness factors this yr. This demonstrates how individuals have progressively begun to shift towards a preventive mindset.

“When it comes to health insurance, a significant number of consumers have shown a proactive interest in staying healthy and have requested wellness-oriented health insurance plans over the last two years. Recently, there has been an increase in products that reflect daily priorities or life goals,” stated Chhabra.

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