Indians in the city of Hyderabad are now looking for higher health insurance covers for themselves as the coronavirus pandemic rages on, reported Times Now. People from the city are ahead of those in other south Indian metro cities when it comes to purchasing higher covers according to data from insurance aggregator platform Policybazaar.com.
The platform reported a 74% per year increase in terms of new health insurance policies bought by people in Hyderabad during April-October this year. In these six months, the sale of health insurance policies in the city saw a 70% increase.
Around 35% of the insurance customers in the city bought health plans with a cover of INR10m ($136,133) and above. According to the data, this figure was at 30% in Bengaluru and 26% in Chennai.
Policybazaar.com head of health insurance Amit Chhabra said that COVID-19 has not just affected people’s health but has had a big impact on their finances too, forcing them to choose a health cover. The pandemic has changed people’s perception regarding health insurance from good-to-have products to must-have products.
Speaking to the Times of India, Max Bupa Health Insurance director underwriting, products and claims Bhabtosh Mishra said, “The rising number of COVID-19 cases and its high treatment costs, along with increased medical inflation in the country have made health insurance a priority purchase today.”
People now look at health insurance as a good risk handling tool against unexpected and ever-rising medical treatment expenses and with COVID-19, there is an increased scare among people according to Mr Mishra.
Digit Insurance CMO Vivek Chaturvedi also said that because of COVID-19, there has been a noticeable change in consumer behaviour as more people are now comfortable purchasing insurance covers online.