Opt for Wellness Products to Avoid Rising Health Insurance Renewal Costs
COVID-19 pandemic has transformed the entire world in terms of lifestyle, working, and thought process. People have understood the importance of healthy living and being financially secure to fight during uncertain times. On a similar note, the perception of health insurance has significantly changed.
Health insurance has also effectively changed from being a decent to-have item to a necessary product, all on account of the rising COVID-19 cases the nation over. Individuals are in a condition of frenzy and dread that the novel Coronavirus can contaminate them at any time at any place. They have understood that the best way to remain financially insured against the pandemic is by putting resources into a complete health coverage plan.
Also, the number of individuals renewing their health insurance policies has significantly increased and is higher than ever before. Things being what they are, this couldn’t have occurred at any better time.
Increase in Health Insurance Renewals
According to accessible information, of all the family-floater health insurance plans sold last year, more than 85% of the policyholders renewed their health insurance plans before expiry. Likewise, roughly 80% of the people with individual health insurance policies renewed their policies before the due date. For people with health insurance policies older than a year, the renewal rates for individual health insurance plans were 94%, and family floater plans were 97%.
Such high renewal rates clearly demonstrate that while the underlying choice of purchasing a health insurance policy might be a continuous pandemic; however, over the long haul, individuals have indeed acknowledged the significant role health insurance coverage can play in getting the best possible medical services without stressing over the expense. Moreover, by renewing the health insurance policy within the due date, you get access to plenty of endless benefits like no fresh waiting period, continuous inclusion, and No-Claim Bonus benefits.
During uncertain situations such as COVID-19 infection, which is accepted to have become airborne, you would never want to lose health insurance coverage benefits. You would prefer to remain insured each day. Do note, regardless of whether there is a single-day gap in the continuity of your health insurance coverage; the insurance company can straightforwardly dismiss your claim request. By renewing your health insurance coverage on time, you are not only financially secured against all kinds of high medical expenses but at the same time are guaranteeing a vigorous future for your loved ones.
Wellbeing Plans Gain Attention
One more significant pattern to feature is; people are now utilizing their wellbeing points during the health insurance plan renewals to avail discounts on premiums. More than 20% of individuals recharged their health insurance policies using their wellness points in the months of March and April last year. This indicates how individuals have begun moving towards a preventive mentality that inclines from customary health insurance coverage offerings. Throughout the most recent 2 years, with regards to health insurance policies, countless policy buyers can be seen showing a proactive interest in remaining healthy and requesting well-being-focused health insurance plans. Of late, there has been an increase in items that reflect day-by-day needs or life objectives.
Moreover, the new-age health insurance policies or the well-being-focused health insurance plans come with some world-class highlights like wellness points, stress management, gym and yoga memberships, preventive health check-ups, and nutrition guidance. Some noticeable health insurance plans and their features include
- Max Bupa Health Insurance ReAssures Live Health Benefit that offers up to a 30% discount on premium renewal.
- Aditya Birla’s Health Activ Assur Diamond and Activ Health Platinum plans offer discounts up to 100% on premium renewal.
- HDFC Ergo Health Optima Restore policy and Manipal Cigna’s ProHealth offer discounts up to 8% and 20%, respectively, on premium renewal.
A new category – Rs 1 Crore Sum Insured
Interestingly over the last 1 year, Rs 1-crore medical coverage plans have additionally effectively made a separate niche for themselves in the health insurance sector. Of all the health care coverage restorations this year, 35% of clients upgraded the coverage and invested into Rs 1-crore health insurance plans. These products once were highly-priced, but now these are readily available at an affordable premium as low as Rs 600 Rs 800 every month for a 30-year old individual living in a metro city. This has been possible due to the flexible option to pay premiums through monthly installments. Earlier the policyholder needed to pay the whole premium as a singular amount, but now the premiums can be paid in monthly, quarterly, or half-yearly, or even yearly installments.
Renewing health insurance policies on time is as important as buying one. However, you should be aware of reducing the renewal premium by opting for various Wellness products. You can visit iiflinsurance.com to gather more information on the same or even speak to their insurance experts to understand wellness products included in the health insurance plans.