The rise of preventive insurance purchases in India – ET HealthWorld

The rise of preventive insurance purchases in India

By Sylvester Carvalho

Lifestyle-related health issues are at their all-time high leading to the early onset of health issues. This, coupled with today’s inflated medical prices, makes well-designed, comprehensive health insurance an essential in today’s time. The world saw a new wave of disease with the emergence of COVID-19, and it is hence safe to say that the future will see more such illnesses. Adding to this, energy transition, urbanisation, and climate change have bought massive changes in the human health condition.

What is Preventive Health Insurance?
As opposed to health insurance that provides financial aid in the event of hospitalisation or treating an illness, preventive health insurance covers the costs of any care received towards preventing the onset of an ailment. While regular general health check-up was standard only for the elderly, the fast-paced way of life is leading to the emergence of health conditions in the late 30s or early 40s among many, leading to the rise in the need for preventive health measures. Some of the most commonly covered preventive health insurance packages include annual check-ups, immunisations, flu shots, fertility tests, screenings, etc.

And while visiting the doctor only when sick is common practice, illnesses are often easier to treat when caught at early stages. Regular health check-ups could help identify markers of ailments early on. However, when the insurance does not cover these check-ups, policyholders often refrain from taking these visits. Here are just some of the benefits preventive health insurance could give you:

  • Since the plan covers a variety of day-to-day medical tests and procedures that do not require hospitalisation, it is ideal for those with pre-existing medical conditions that require constant medical attention.
  • All preventive health insurance covers often include pathology, radiology, and diagnostic lab services.
  • Covers health check-ups and doctor consultations all year round.
  • Policyholders also earn tax exemption with tax waivers of up to Rs. 5000 on preventive health check-ups under section 80D.

In the most trying times, health comes of utmost importance and serves as one true asset and taking preventive and reactive measures to maintain prime health condition is imperative. Hence, 360-degree health insurance protection is gaining popularity as opposed to the one-size-fits-all insurance policies.The fast-paced lifestyle of today brings about health conditions that were uncommon a decade ago. This change makes today’s customers demand customised, personalised, and disease-specific policies that were never the norm earlier. Some of the most common hyper-personalised insurances are for COVID-19, Mental health issues, Maternity care packages, Cervical/vaginal/ovarian cancer, Cardiac issues, Diabetes packages and Seasonal illnesses such as dengue, malaria, etc. Segregating users and providing insurance packages covering all their ailments from finding to treating is more vital now than ever.

Lack of awareness and access to preemptive healthcare facilities are the main reasons preventive health care is not prominent in India. As several major health care and insurance agencies invest in preventive health care, the masses will gain access to affordable preventive health insurance.

Many workplaces have also begun considering preventive health insurance as part of their employee health care plan since the rise in the prevalence of chronic and non-communicable diseases. As customer demands and expectations continue to change, insurers are changing ways to adapt their business models to meet new needs and provide relevant products and services. Hence, the insurers are now moving to the approach of Innovate or perish. During the pandemic, the changing consumer behaviour spurred companies to reimagine and build new product strategies to offer relevant preventive insurance products that sustain customer interest, raising the need for preventive insurance.

By Sylvester Carvalho, Lead – Product, Riskcovry

(DISCLAIMER: The views expressed are solely of the author and ETHealthworld does not necessarily subscribe to it. ETHealthworld.com shall not be responsible for any damage caused to any person / organisation directly or indirectly.)


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