Demand for health insurance picks up 30pc post coronavirus spread

The demand for health insurance policies has surged by 30 per cent post the spread of coronavirus pandemic, online insurance aggregator Policybazaar.com said.

There is definitely a very-very significant jump in uptake towards buying insurance because a lot of people who were earlier not buying insurance or procrastinating to buy insurance are now realising what will happen if they get infected with coronavirus, Amit Chhabra, Head- Health Insurance, Policybazaar.com said in an interaction.

"Policybazaar has seen 30 per cent hike for health insurance and around 20 per cent in life insurance after the lockdown," he said.

Depicting the trend being observed among the young policy enquirers/ buyers, including first-time ones, he said those who used to think that nothing will happen to them or that they can buy it later on, they have been showing keen interest to at least make their families financially secure.

 

"The thing with health insurance is that people think that nothing will happen to them and that they can buy it later also...But I think what happened due to COVID-19 is that people now are very very scared. They want to have insurance so that at least they are financially secured even if their savings get impacted," Chhabra said.

He said the policy buyers want to ensure that at least their health is safeguarded if they get infected with coronavirus and that there are no large out of pocket expenses.

For renewal and policy upgradation related queries, people are enquiring whether COVID-19 is covered or not, he said.

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Similarly, queries are also coming from senior citizens about their existing policies, upgradation or if COVID-19 is covered or not.

The Policybazaar.com official also said that companies are turning to telemedicine to obviate the need for a medical check-up before selling policies as it is not possible for a physical examination due to the lockdown.

"So this is happening through telemedicine, over the phone or video calls where the doctors ask basic questions. Basis this, they are able to judge the health of the customer and accordingly a policy is issued," he added.

The insurance regulator Irdai has already directed all health insurance providers to cover COVID-19 as well.

Globally, the disease has claimed over 170,000 lives. In India over 600 people have died due to the pandemic as nearly 19,000 are reported to be infected.