Demand for high-ticket health insurance policies in India has increased.
Soon the HDFC ERGO General Insurance will be launching a global health cover of Rs 2 crore. This will be covering travel as well as medical treatments in India and in abroad.
The senior member of HDFC ERGO General Insurance had informed that they have observed these days individuals are getting serious about their health from a younger age itself. Thus there is a need of high-ticket health insurance policies.
At HDFC ERGO in the health segment, the average age of customers is below 45 years. The company has obtained the regulatory approval for their product and soon they will be launching within the next few weeks.
The member of executive management went on saying that having a standardized product structure in segments like health will enable them to reach more number of people.
Among the mass affluent and segments above, the higher-ticket health insurance policies are in demand. Depending on several factors like the type of treatment, hospital and number of days spent at the hospital, a medical treatment, where surgery is involved in places like US and Europe could cost at least Rs 50-70 lakh.
Crop insurance and motor insurance are the biggest segments at 30 percent and 27 percent, respectively. The company is using satellite and allied technology for better management of claims and yield-related data, on the crop front.
The managers detect the extent of the losses with the help of drones, if there is a catastrophe. The Pradhan Mantri Fasal Bima Yojana has also helped increase the penetration of crop insurance. As long as the company has adequate reinsurance support, it will be sustainable.