The Policy Bazaar Show is a brand- new series that decodes the grey areas of purchasing insurance. Through the 26-episode series, the show will highlight and discuss a magnitude of topics essential to everyone trying to secure their future. From purchasing the right cover, to switching policies while shifting jobs, to ensuring a comprehensive child cover, insurance experts deliberate, simplify and shine light on the complexities of purchasing insurance in India.
In this week’s episode, our eminent anchor Vivek Law talks to Ashish Mehrotra, CEO and Managing Director, Max Bupa Health Insurance about the steady growth of the insurance sector as well as its consumer market in India.
Today, with the rise in awareness, an individual is not just thinking about getting insurance but also about getting the right insurance. Even from the insurer’s standpoint, consumer satisfaction is the highest priority. This can be ensured with appropriate and customized health covers for all consumers. The Indian insurance market is quite small as almost 70% of the population has no health cover or any other type of insurance. Even among the 30%, there are cases where the insurance covers are inadequate. The challenges for the insurers are predominantly the growing population, lack of awareness and low penetration, and also the higher incidence of lifestyle diseases.
However, the millennials have brought about a change in the picture. Health insurance has become an integral part of almost every millennial’s financial planning. As medical inflation goes higher than any other product, buying an insurance cover becomes more important. Government schemes like Ayushman Bharat has also helped in increasing the awareness and penetration of insurance. Ayushman Bharat is globally, the largest health cover scheme, benefitting around 65 lakhs families. Insurance companies are creating more products to provide more benefits to the consumer.
It is, however, very important to consider a few things before buying a cover, which includes properly reading the terms and conditions. An individual needs to disclose all pre-existing ailments and track the co-pays and sub-limits to ensure minimum chances of rejection during the claim-settlement process. The consumer and the market are working together to enable more penetration amongst the population of India.
Watch to know more about the evolution of the insurance sector.