Page 14 - Insurance Times JUNE 2022

Health premium rise spurs The policy will also provide family medi- private (network) hospitals, which are
cal insurance for spouse and two chil- part of the insurance agreement.
non-life growth
dren and up to 12 free medical consul-
Given the age, many of the beneficia-
Health insurance premiums, which tations per year. This is in addition to
ries suffer from renal issues and re-
registered a 25.6 percent growth - al- the existing group life and accidental
quire dialysis at least twice a week. But
most double that of last year - have insurance cover.
many private network hospitals here
been the main driver of the double-
“Health insurance provides a shield refuse the treatment and refer them
digit growth in non-life insurance in
against unexpected medical expenses to government healthcare centres, say
FY22. This comes after a horrid FY21,
that can throw individuals and families pensioners.
where the industry registered a low
in dire financial situation,” said Varun
single-digit growth. On an average, it would cost 1,500 to
Khaitan, COO & co-founder Urban
2,500 to undergo dialysis at a private
In FY22, health insurance premiums Company. “To protect our service part-
hospital. This means that elderly people
rose to Rs 73,582.13 crore, becoming ners from such a scenario, we are in-
will end up spending up to 2.5 lakh a
the main line of business for non-life troducing a specially designed health
year despite paying a monthly premium,
insurance sector, with a 33.33 percent insurance plan.”
said Smitha Sadasivan, a relative of a
market share. This is a jump of 380
Service partners without UC Plus sub- pensioner who was denied dialysis at a
basis points (bps) over last year, data
scription will benefit from a health in- private hospital in Ambattur.
from the General Insurance Council
surance cover of Rs 1 lakh, with up to
showed. NL Sridharan from Tamil Nadu All De-
12 free medical consultations per year
partment Pensioners’ Association said
Health premiums grew at 13.5 per- for self, along with the existing benefits
that they have been requesting the
cent and 13 percent in FY21 and FY20, of the group life and accidental insur-
government to ensure that all
respectively. Non-life insurers have re- ance cover.
recognised hospitals were made a part
ported an 11 percent growth in premi-
Recently, Urban Company also an- of this scheme because it is difficult for
ums in FY22 to Rs 2.2 trillion. This com-
nounced an industry-first ‘Partner senior citizens, particularly those stay-
pares with Rs 1.98 trillion worth of
Stock Ownership Plan (PSOP)’ initiative ing alone, to find a network hospital
premiums collected in FY21, up 5.2
for its service partners. Under this ini- during an emergency like heart attack
percent over FY20. The industry had
tiative, the Company plans to award or stroke.
posted a growth of 11.7 percent in
stocks worth Rs 150 crore to thousands
FY20 over year-ago period. “Also, the scheme should not be admin-
of service partners over the next seven
istered by a third party and make sure
Within the health segment, retail health years. This will enable Urban Company
that cashless treatment is available in
premiums reported a 16.5 percent service partners, including plumbers,
all the hospitals so that pensioners
growth in FY22 over last year. This is electricians, cleaners, beauticians, and
don’t struggle to gather funds during
mainly driven by standalone health insur- massage therapists to become equal
such emergencies to pay the money
ance companies with 28 percent growth. stakeholders in the company’s growth.
demanded by private hospitals upfront
General insurers reported a meagre 7 before admission,” he said.
percent growth in retail health premi- Private hospitals in
While the directorate of pensions could
ums during the same time.
Chennai deny dialysis to not be reached for comments on
whether action
govt insurance beneficia-
Urban Company rolls out
will be taken against private hospitals
ries
health insurance for ser- denying treatments to beneficiaries, a
Many private hospitals in Chennai have finance department official said that
vice professionals
allegedly refused to provide dialysis to
they can contact the helpline (1800
Urban Company, Asia’s largest tech-
pensioners and their family members
233 5544) number and action will be
enabled home services marketplace,
under the TN Government's New
taken. Only on Tuesday, the ceiling on
said it is introducing a comprehensive
Health Insurance Scheme.
medical assistance under this scheme
health insurance plan for its service
According to official data, under the was increased from 4 lakh to 5 lakh for
partners in India.
scheme, the state has 7.5 lakh benefi- the next four years and for those with
Under the newly launched health insur-
ciaries who pay a monthly premium of specific illness (cancer, liver and other
ance policy, all UC Plus service partners
350 so that they can avail cashless transplantation etc) can get assistance
will get an insurance cover of Rs 2 lakh.
treatment at certain government and of up to 10 lakh, the official said.
14 The Insurance Times, June 2022