The last few months witnessed a welcome change among the millennials, who are now opting for health cover more than ever before. Nirmala Konjengbam caught up with Amit Chhabra, Head-Health Insurance, Policybazaar.com, to understand this change in perception and what could be the ideal policy for this group. Edited excerpts.
Q: How has the pandemic changed the millennial's perception towards health insurance?
The pandemic has changed the insurance spectrum in India. It has changed the buying perspective of not just millennials but of every generation. The millennials (25-35 years) have become more aware about insurance buying. There is a growth of 106 per cent in April-Sep'20 compared to the same period last year.
Q: Which would be more suitable for millennials - a standalone COVID-19 plan or comprehensive health insurance cover?
A comprehensive health insurance, apart from providing cover against COVID, will provide adequate cover for more severe ailments like cancer, heart disease, accidents, kidney-related problems, among others. In uncertain times there is no certainty if we will face any other pandemic again. Therefore, it is necessary to have a comprehensive cover with an adequate sum insured, which will cover the policyholder against all uncertainties.
Q: What are the most important things to keep in mind while buying a health insurance plan?
Select the right sum insured as per your needs and suitability. See to it that you pick the right combination of premium and coverage.
Understand the waiting period well in advance, as not all diseases are covered from day one of your policy.
Check if your plan has any co-payment clause that might affect your claim amount
By going for a cashless option, the insured can get bills settled directly with the insurer. Also, one should note that the insurer has a good number of network hospitals within the vicinity, so as to provide ease during medical emergencies
Check if your plan offers pre and post hospitalisation coverage. Most insurance policies, now offer pre and post-hospitalisation.