Consumers gravitating towards higher sum insured in health policies

Covid drives awareness of need for health insurance, consumers also buying plans in the range of Rs 25-50 lakh

Covid-19 has not only ensured heightened awareness on the need for health insurance among consumers who were earlier averse to the idea of buying covers, but it has also resulted in people opting for higher sum insured in health insurance products.

Earlier, the median sum insured that people were opting for while buying insurance was Rs 5 lakh. But, since the pandemic, increasingly, consumers have moved towards a sum insured in the range of Rs 25–50 lakh.

“We are seeing a trend wherein people are now opting for a sum insured of more than 20 lakh. The reason behind such