Health insurance policies bought those in the senior citizen category (60-80 years) stood at only 15% of the overall policies sold during the April-December period, whereas the share for the younger age groups of 18-40 years was 45%, according to customers’ buying patterns shown through insurance aggregator Policybazaar.com.
This is despite the fact that senior citizens are most at risk from COVID-19, reported LiveMint citing Policybazaar.com.
The data also showed that the sum insured of INR500,000 was the most bought cover with a share of 41%, while the second-most preferred sum insured was in the INR500,000- INR1m range with a share of 24%, followed by the INR1m- INR2m range and INR2m-INR10m range at 9% and 14%, respectively.
“Senior citizens are still very under-insured in India, which puts them at grave financial risk. Senior citizens must be adequately covered — sum insured of at least INR1m per person — and ideally buy comprehensive plans with no limitations such as co-pay or sub-limits. However, if a cheaper option is needed, then they could look at senior citizen-specific plans, which come with some limitations such as co-pay,” said Mr Amit Chhabra, head, health insurance, Policybazaar.com.