 "Seniors seeking higher health cover")
General insurance companies are seeing a rise in the sum assured in health plans taken by senior citizens. Insurers say from an average of Rs 2-3 lakh, the size of cover has risen to Rs 5-6 lakh.
M Ravichandran, president, insurance, Tata AIG General Insurance, said to keep up with medical inflation there was a corresponding increase in the sum assured.
Ravichandran said since 2013 there had been a five-fold increase in the number of policies purchased by people above the age of 60. He added senior citizens preferred face-to-face interactions with agents and other intermediaries before purchasing health insurance.
Insurance companies are bringing out specialised plans for policyholders above the age of 60. As long as they do not have any pre-existing condition, they are considered a good risk.
Rakesh Jain, chief executive officer, Reliance General Insurance, said, "There is a rise in the sum assured for indemnity health covers taken by senior citizens and other policyholders. With medical costs going up, the average size of policies is touching Rs 5-6 lakh."
Though insurers do not turn away senior citizens, they say policyholders are encouraged to take health cover early in life because premiums are lower at a younger age.
M Ravichandran, president, insurance, Tata AIG General Insurance, said to keep up with medical inflation there was a corresponding increase in the sum assured.
Ravichandran said since 2013 there had been a five-fold increase in the number of policies purchased by people above the age of 60. He added senior citizens preferred face-to-face interactions with agents and other intermediaries before purchasing health insurance.
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India is estimated to have an elderly population of around 80-90 million and by 2050 this number is expected to rise to 315-320 million.
Insurance companies are bringing out specialised plans for policyholders above the age of 60. As long as they do not have any pre-existing condition, they are considered a good risk.
Rakesh Jain, chief executive officer, Reliance General Insurance, said, "There is a rise in the sum assured for indemnity health covers taken by senior citizens and other policyholders. With medical costs going up, the average size of policies is touching Rs 5-6 lakh."
Though insurers do not turn away senior citizens, they say policyholders are encouraged to take health cover early in life because premiums are lower at a younger age.