Covid-19 crisis should be used to sell health insurance for the long term
4 years, 5 months ago

Covid-19 crisis should be used to sell health insurance for the long term

Live Mint  

It may come as no surprise that covid-19 has accelerated awareness about health insurance; more and more people are now buying a cover. But with covid-19 spiraling out of control and nightmarish stories of hospital experience and inflated bills slapped all over social media, panic has goaded many to consider health insurance seriously. The Insurance Regulatory and Development Authority of India wants non-life companies to mandatorily offer standard covid-19 health insurance policies that pay for covid-19 treatment. It has also allowed both life and non-life companies to offer optional defined benefit plans and other short-term health insurance plans—you can Irdai’s rationale seems to ensure more people are insured for covid-19-related medical expenses at an affordable rate, but this line of thinking has one serious flaw. A health insurance expert I spoke to on pricing said, “It’s like the forest is on fire and I have to insure a house where the fire has not reached yet.” He estimated the pricing of the standard covid-19 indemnity plan to be somewhere around that of Arogya Sanjeevani, the standard basic health insurance policy that is mandated to be sold by all insurers.

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