Seniors' Medical Insurance- The Mass Gang Rape.
Yes, I intend to use this language to explain the way the health insurance sector has been functioning. I do no need to see or have the knowledge of the industry globally, but the way the industry is behaving in India, I can offer only one sentiment-:"The Mass Gang Rape of seniors."
The India health insurance market size was valued at USD 12.64 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 11.55% from 2023 to 2030. Over the past two years, the health insurance industry in India has undergone a significant shift. Customers' attitudes have changed considerably, as has their need for health insurance. The COVID-19 pandemic and rise in premium prices have contributed to the massive rush by people to insure themselves and their families against catastrophic out-of-pocket medical costs, as the total health insurance premium collected in India increased by a whopping around 25% in a year.
Over the past nine years, the insurance sector has attracted significant Foreign Direct Investment (FDI) amounting to nearly Rs. 54,000 crore (US$ 6.5 billion), driven by the government's progressive relaxation of overseas capital flow regulations. And all such Investors are rushing towards recovery of the investment at the earliest, and just move away.
Just mentioning two examples:
A person who started a medical insurance policy at the age of 35 had kept on renewing the policy for 32 years, lastly paying around Rs.21,000 for a policy of Rs. 5.0 lakh, received a demand of Rs. 42,000 for the same policy at the age of 67. He decides to stop renewing the policy as he has taken a family floating policy and that might be sufficient for him.
Another case, a family floating insurance policy of a couple, taken at the age of 55 and 61, is continuing for 5 years, annual premium of Rs.12,000. And there is the bolt from the blue, next renewal of Rs.66,000.
Any logic? Yes, Profiteering, fleecing, blood sucking, "Mass Rape of seniors".
And on the top of it, there is 18%GST. So, a premium of Rs.55,900 is just inflated to Rs.66,000.
Any other words by anyone else???
No comments:
Post a Comment