Page 12 - Insurance Times April 2022

Health Insurance

News

Insurers review cooling-off the infection has been much milder with in the health business of the non-life
fewer cases of hospitalisation," he said. industry stood at 51 % against 39 % in
period for health cover
While Care Health Insurance plans have the case of retail health.
post Covid infection only a seven-day waiting period, lans of
Insurance companies have begun to Niva Bupa no not have a cooling off Niva Bupa announces
either reduce or completely remove period for those infected by Covid-19 comprehensive coverage
the cooling-off period to purchase and who did not require hospitalisation.
health insurance for people who were for cancer treatment at Rs.
Bhabatosh Mishra, Director - Under-
infected with Covid-19 in the past. writing, Products and Claims, Niva 4 per day
With the severity of infections now Bupa Health Insurance, said there is a Niva Bupa Health Insurance Company
coming down, insurers have begun to scientific, medical and actuarial basis Limited announced a customised group
review the cooling-off period, which for the decision to do away with the plan for comprehensive coverage of
many of them had introduced during cooling off period along with a cancer treatment at an annual pre-
the first and the second waves of the behavourial aspect. mium of just Rs 1499+ taxes. This prod-
pandemic as there were Covid-related uct has been developed by Niva Bupa
complications in several patients. In- Health insurance drives in consultation with the Indian Cancer
surers such as Niva Bupa and Care non-life sector growth Society (ICS).
Health Insurance have already begun
Health insurance premiums reported a This group insurance plan is designed
to do so.
growth of 26 % in the first 10 months keeping in mind the requirements of
Amit Chhabra, Head - Health and of FY22. This is nearly double the low and middle-income families and
Travel insurance, Policybazaar.com, growth witnessed in the same period not only covers hospitalisation but also
noted that the acceptance of Covid has a year ago. day-care expenses like radiation, che-
increased significantly amongst insur- motherapy, etc at a nominal premium
Health premiums continued the trend
ers. "Earlier, for a person who had of Rs 1499+ taxes. This family floater
of driving growth of the non-life indus-
been infected with Covid, the cooling- try ever since the pandemic began. plan offers Rs 5 lakh coverage for up
off period was anywhere between 15 However, within the health segment, to two adults and three children (for
days to six months with the average of families that do not have cancer).
the growth dynamics have changed
30 days. Now, since the start of Febru- The cancer plan will be especially ben-
with group health premiums growing
ary, some insurers have begun to re- eficial for the lower socio-economic
faster than retail health premiums,
duce this period and more are ex-
data from the General Insurance Coun- strata of society and would enable cus-
pected to follow suit," he said, adding cil showed. In FY22 so far, group health tomers to avail cashless treatment
that earlier, insurers were not sure of premiums witnessed a growth of 30 % across 8000+ network hospitals
the long term effects of Covid. as against 17.28 % growth in retail empanelled with Niva Bupa. It would
"But in the third wave, the severity of health. Also, the share of group health provide the much-needed financial

12 The Insurance Times, April 2022