Policybazaar sells 4 lakh health insurance policies

Of all the health insurance policies sold by Policybazaar, the share of policies bought by those with pre-existing conditions was 30%.

Hyderabad: Insurance aggregator Policybazaar.com said it sold 4 lakh health insurance policies during April-Dec 2020 on its platform. The sum insured totalled to Rs 7 Lakh crore.

This is driven by jump in demand for health insurance due to coronavirus pandemic, introduction of higher sum insured products, flexible payment options and simpler processes.

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About 20% of customers preferred paying for multi-year policies in one go, which helps them get a discount.

Of all the health insurance policies sold by Policybazaar, the share of policies bought by those with pre-existing conditions was 30%, with the most common illnesses being diabetes and hypertension, it said.

“We put the requirements of a customer ahead of everything else. We help customers with service requests, renewals, and importantly in getting their claims approved speedily,” said Sarbvir Singh, CEO, Policybazaar.com.

Insurance regulator IRDAI took timely actions and ensured that Covid is covered by all policies, digitization of processes, and introduction of standard policies. These helped in increasing transparency and trust in health insurance, he said.

With changes in underwriting guidelines and digitization of various processes in the insurance sector, buying a health cover has now become easier and faster. About 65% of total policies sold during this time were based on customer declaration and were issued instantly. The remaining 34% were sold through tele-medicals and only 1% needed a physical medical check-up, which earlier stood at 15% prior to changes in underwriting guidelines, Singh said.