With the COVID-19 pandemic, and other contagious diseases that have surfaced in the past few decades, there is genuine requirement of Rs 1 crore health cover.
Over the years, with the rising incidents of accidents, communicable diseases and lifestyle related ailments that require acute or chronic medical attention, there would be hardly anyone of us who would have not experienced at least a single case of hospitalisation within immediate family members.
Amit Chhabra, Business Head, Health Insurance, Policybazaar.com said that it is often observed that for most health insurance policy seekers in India, Rs 5 -7 lakh sum insured seems significantly large and enough to take care of all medical expenses. To them, the amount is sufficient to sustain their individual as well as family’s needs and requirements in case something untoward happens which leads to sudden hospitalisation.
No doubt, the figure of Rs 5 – 7 lakh sum insured may seem sufficient to an average middle class family in India as they only consider the current day situations and often forget to contemplate the future.
Taking the example of ongoing corona crises, as per available data, the average insurance claim filed for the treatment of coronavirus infection comes around 5 – 7 lakhs per individual which can go up to 12 – 14 lakhs in case of senior citizens.
As per insurance market trends, the number of people investing in plans with higher sum insured i.e. Rs 1 crrore has significantly gone up. As of all the health insurance policies being sold online in the last 2 months, 30 per cent are the ones with 1 Crore sum insured.
A major reason for the significant surge in the number of people investing in such plans is the highly affordable prices at which it is being offered.
For policyholders opting for a family floater plan, having a higher sum insured cover becomes all the more important as your family shares the sum insured of your health plan and in case of multiple claims in the same year, a lower sum insured would fall short.
One can buy Rs 1 Crore health insurance policy which comes as a combination of the base plan and super top-up policy. Under this plan, the insurer pays for the hospitalisation expenses up to total sum insured i.e. Rs. 1 crore.