Health insurers increasing cover for Indians
Health insurers operating in India are reportedly coming to the realisation that there is a desire for high-cover products, and some companies such as Max Bupa and TTK Cigna are now offering medical cover of up to ₹10 million (US$151,000) – before this, the maximum coverage level offered in India was between ₹4 and ₹5 million. According to the Hindustan Times, because of rising household incomes – and what is being estimated as a 15-per-cent year-on-year increase in medical costs over the last few years – new opportunities for health insurance companies have arisen in the country.
Health insurers operating in India are reportedly coming to the realisation that there is a desire for high-cover products, and some companies such as Max Bupa and TTK Cigna are now offering medical cover of up to ₹10 million (US$151,000) – before this, the maximum coverage level offered in India was between ₹4 and ₹5 million. According to the Hindustan Times, because of rising household incomes – and what is being estimated as a 15-per-cent year-on-year increase in medical costs over the last few years – new opportunities for health insurance companies have arisen in the country.
“People with high incomes have relied on their savings to pay for healthcare expenses,” said Sandeep Patel, managing director and CEO of Cigna TTK Health Insurance. “This is a segment that seeks high-end medical services and treatment, using new technologies, and hence the level of insurance they require is higher.”
Tapan Singhel, managing director and CEO of Bajaj Allianz General Insurance, meanwhile, said: “The industry is seeing a visible need for comprehensive insurance plans with higher sums insured. The increase in demand for such covers could be attributed to rising awareness among people for the need for better treatment … coupled with higher disposable incomes.”