Insurance companies say that due to Kovid-19, pressure is increasing on them from claims. In the financial year 2021-22, Kovid-19 related claims are estimated to be 11-12 per cent of the total health insurance claims. Let us tell you that some companies have increased the prices of insurance.
Health insurance is expected to be expensive in the ongoing financial year due to rising inflation in the health sector and claims related to Kovid-19. Many companies have already done so and many companies are planning to make retail insurance expensive in the coming times. Actually, during Kovid-19, insurance companies have been more burdened with claims.
Insurance companies are planning to increase the price of retail health products by 15-20 per cent to reduce this additional burden. Manipal Cigna Pro Health and Star Health & Allied Insurance have increased the prices of their insurance products by 14 and 15 per cent, respectively.
According to Prasoon Sikdar
Managing Director, Manipal Cigna Health Insurance, there have been many changes in the treatment protocol due to the corona epidemic, which has made claims costly. In view of this, the company has increased the prices of insurance for the first time in three years. At the same time, Anand Roy, managing director of Star Health and Allied Insurance, has said that at present the prices of key products have been increased. He said that churning is being done on other products and if the need is felt then their price will also be increased. Let us inform that experts believe that the number of claims related to Kovid-19 will increase in the financial year 2021-22.
Motilal Oswal is estimated to increase the claims related to Kovid-19,
while rating agency Icra has written that while it was 6 percent of the total health claims in 2020-21, it may increase to 11-12 percent in 2021-22. Among Asian countries, India saw the highest health inflation rate of 14 per cent in 2021. India was followed by China with 12 per cent and Indonesia and Vietnam at number three with 10 per cent. Health inflation in the Philippines was recorded at 9 percent.
How to choose the right insurance company
If you are in the younger age group then you have relatively more options. You can compare plans from different insurance companies and choose the one that will insure you with the lowest premium. Provided that it does not make any difference in the benefits you get. Look for insurances that are popular and have not increased their premium by more than 60-70 per cent.
