The COVID-19 cases are increasing with each passing day, the Insurance Regulatory and Development Authority of India (IRDAI) is urging insurance companies to extend short-term COVID-19 specific health plans, intending to bring the uninsured community within the insurance web. Apart from the regulator-mandated standard indemnity policy, insurers are left to design their short-term plans as well.
A change in mindset around health insurance
The pandemic has made most people about, which shows why there is a considerable shift in health insurance from a good-to-have to a must-have product. With the relatively higher cost of treatment, there is an uptick in the number of people going for health insurance policies.
Corona Rakshak is a suitable choice that can address this need in the short term. It is useful as COVID policies come with lesser cost than a regular health plan and, thus, lower obstacles to approach, hence facilitating the uninsured to experience health insurance. Even those who don’t have a plan to buy health insurance can pick these products while considering options for further coverage.
Demand for comprehensive health policies has improved
Scaling COVID-19 cases have made people understand the importance of health insurance. This is the chance to channelize heightened knowledge to induce more people under the purview of health insurance. But, it is vital to know that health insurance is long-term merchandise that requires to be renewed every year.
To extend the highest value to customers, a comprehensive health plan that protects a wide spectrum of illnesses, including COVID-19. At the industry level, the growing demand for comprehensive products is observed. Therefore, people should be prompted to purchase comprehensive health plans that offer holistic advantages.
Insurers require to adapt change, provide more options
With the rising numbers, intensified awareness on the subject of health and protection is observed. As customers understand the huge costs and complexities correlated with the treatment coupled with increasing medical inflation, the instant surge in demand for health insurance policies is expected.
The alteration in perception is the cause that consumers are reviewing their financial portfolio and channelizing savings to safeguard themselves against jeopardies. Insurers require to be well provided to stay in sync with the dynamic times and propose solutions.