Page 37 - The Insurance Times May 2021

Steeper increase in premium: Policy Name Annual Premiums
With multiple factors coming into play, the COVID-19 United India Rs. 4,730*
pandemic being one of them, health insurance premiums New India-Mediclaim Policy Rs. 5,122*
have jumped up to 100 per cent this year. Premiums have SBI General Rs. 6,088
jumped by 10-15 per cent for the middle age group, on an
average. However, the insurance premiums have seen a Aditya Birla-Activ Assure Diamond Rs. 6,371
steeper increase in the case of senior citizens. Premiums Universal Sompo - Individual - Rs. 6,393
have increased by as much as 100 per cent in some Essential
companies in higher age groups. For client age above 55-66 Max Bupa - Health Companion - Rs. 6,542
years, the premium has doubled. For example, if in 2019- Individual
20, the premium was Rs. 28,000 for 2 persons, clients have Royal Sundaram - Individual - Rs. 6,558
received the renewal notice for Rs. 55,000-60,000, this year. Supreme
Care Halth Insurance - Care Basic Rs. 6,620
Premiums on an average have risen by 25-35 per cent this
year as against an increase of less than 10 per cent last year. Future Generali - Health Total Rs. 6,738
However, for some age groups, especially in the older ones, Oriental - Individual Mediclaim Rs. 6,899
premiums on an average have increased by 50-75 per cent. Policy
There are multiple reasons for this rise - the COVID-19 Star Health - Medi Classic - Rs. 7,074
outbreak that has also caused medical inflation, Individual
government-induced coverage expansion and change in
Reliance General - Health Wise Rs. 7,348
price slabs, industry experts claimed. Insurance companies Insurance - Standard
had received COVID-19 claims to the tune of Rs. 8,000 crore
and they had settled Rs. 3,500 crore worth of claims. Liberty General - Individual Rs. 7,448
Increasing premiums is the only option for insurers. However, Health - Basic
the increase in premium was anyway due for few insurance Manipal Cigna - Pro Health Protect Rs. 7,631**
companies. Cholamandalam MS - Healthline Rs. 8,031
HDFC ERGO - Health Suraksha Rs. 8,044
IRDAI has increased coverage under the health insurance IFFCO-Tokio - Individual Health Rs. 8,407
policies and this has seen an increase in the health insurance
Protector
premiums by around 5 per cent. COVID-19 might not have
ICICI Lombard - iHealth Rs. 8,655
a major role to play in price hike as the extent of the
premium increases depends on age, coverage and sum Tata-AIG - Medi Care Rs. 9,359
insured. People usually select a health insurance plan based Bajaj Allianz - Health Guard Rs. 9,977
on its annual premium.

However, the premium is not the only thing you should focus
on while selecting a policy. It's equally important to consider
factors like the plan's network of hospitals, exclusions and
sub-limits, medical checkups, waiting periods for pre-existing
conditions, pre and post hospitalization cash and no-claim
bonus facilities, etc. and the insurer's claim settlement ratio
and the ease of settling claims.

Here are the annual premiums for Rs. 5-lakh individual
policies currently being offered by 20 top insurers in the
country. Do note these premiums are for basic coverage for
a 30-year-old male living in a metro city. Your actual
premiums could be different as it would be determined based
on the age of the insured, health condition, place of
residence, type of cover, add-ons, so on and so.

The Insurance Times, May 2021 37