Consumers opted for higher sum insured policies due to Covid: Policybazaar

A survey conducted by insurance aggregator Policybazaar.com suggests that due to the Coronavirus (Covid-19) pandemic, the awareness level of consumers on the need for health insurance has increased manifold and they are also opting for higher sum insured policies

The key finding marks an improvement in the overall sum insured that consumers are opting for in FY21 (average sum insured of Rs 22.42 lakhs versus Rs 11.4 lakhs) compared to that in 2020. This indicates a sharp increase in awareness and demand for high cover protection policies, the company said in its findings.

This is because of medical inflation and the astronomical