The steep rise in the cost of treatment and growing awareness have led to an increase in the average sum insured under retail health insurance policies.
The average sum insured, which was typically between Rs. 2-3 lakh till two to three years back, has increased to Rs. 5-10 lakh. There has also been an increase in the number of consumers buying retail health cover over and above the group policy offered by employers.
According to a recent study by Policybazaar.com Product & Innovation Centre, nearly 40 per cent of Indians purchasing health insurance online prefer a minimum cover of Rs. 5 lakh. The study took into account the buying behaviour of over 10,000 consumers across 20 States.
