We explore a few ways in which you can reduce your premium costs.
In the aftermath of the Covid-19 pandemic, a lot of people have realised the importance of health insurance. However, a primary concern for most people is the rise in premiums. Over the past few years, health insurance premiums have seen a noticeable upward trend, with different insurers increasing premiums at varying rates for their products.
In a report by Local Circles released in May 2024, 52 per cent of Indians said that their health insurance premiums have increased by over 25 per cent in the last 12 months. The survey was based on 11,000 responses from personal health insurance policyholders located across 324 districts of India.
According to industry experts, the reasons behind this surge in premiums range from business concerns, ageing population, product enhancements, to even medical inflation. Says Parthanil Ghosh, director and chief business officer of HDFC ERGO General Insurance, "Health Insurance in India is still an after-thought proposition and a low-awareness product. Young and healthy people usually do not prioritise purchasing health insurance.
As a result, a greater number of elderly and high-risk individuals remain in the insurance pool, thereby leading to higher premiums. Additionally, people don't buy insurance early and seek coverage usually after the age of 40 (and premiums rise with age)." On April 1, 2024, the Insurance and Regulatory Development Authority of India (Irdai) removed the ceiling of 65 years for individuals to buy a health insurance policy.
The regulatory change suggested that there cannot be an age limit for first-time entry into insurance. For instance, if a 75-year-old wants to buy insurance for the first time, he should not be denied a cover. However, this may or may not increase the numbers of senior takers because of the high premiums charged from older people.
Diese Geschichte stammt aus der September 2024-Ausgabe von Outlook Money.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der September 2024-Ausgabe von Outlook Money.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
Stay Ahead Of AI-Powered Cyber Fraud
AI has become an integral part of our lives, right from customer service at banks to insurance claims. But it has now become a powerful arsenal for the fraudsters too who are increasingly using AI to scam individuals and corporations alike to commit fraud. The key is to stay vigilant
Travelling To Europe? Pack In The Essential Covers
Smart travellers must know that insurance is a must-have. From essential health coverage to theft protection and trip interruptions, know what you need for a worry-free Europe trip
How To Spend Wisely This Year-End
We all spend during the year-end. But the trick is not to overspend or borrow, either from friends, or your own investment, to fund your indulgence. Maintaining balance is the key
Travel Now Pay Later (TNPL)
Travel now, pay later (TNPL) is a close cousin of the more popular buy now, pay later (BNPL) schemes.
12 Books Devina Mehra Loved Reading In 2024
Listing books of her choice, among the ones she reads during the year, is ace investor Devina Mehra's favourite year-end activity. She says it's a daunting task to pick around 12 books from a list of 50.
Here's How To Avail Of Ayushman Bharat Yojana
Launched in 2018, the Ayushman Bharat Yojana aimed to provide health coverage to targeted benefi ciaries from the Socio-Economic Caste Census (SECC) 2011, based on deprivation and occupational criteria.
'Focus On The Business, Assess If You Want To Be A Partner For 10-20 Years'
Professor Sanjay Bakshi, a value investor, behavioural economist and adjunct professor at Flame University, Pune, gives his unique perspective on how to choose a stock, in an interview with Nidhi Sinha, editor, Outlook Money, as part of the Wealth Wizards series. He also shares his learnings from role models Warren Buffett, Charlie Munger, Benjamin Graham and others, and how being a chartered accountant, economist, investor and teacher make him into what he is today. Edited excerpts from the interview
The New Trump Card For IT, Pharma
Donald Trump has been re-elected as the 47th President of the US after a gap of four years. Here's how it will affect the Indian markets and how it will benefit sectors such as IT, pharma, export-oriented sectors and others
European Sojourn
Tight on budget? Dump the popular European destinations for the little-known wonders that are equally attractive
Gold ETFs And FoFs
While Indians love to invest in physical gold, even mutual funds offer the option, but in paper format.
