Hyderabad: Increasing number of millennials (about 6 out of 10) are opting for health plans with higher sum insured in upwards of Rs 5 lakh up to Rs 1 crore, according to a recent survey conducted by Policybazaar.com.
It said the people in the age group of 22-35 years have better assessment of their protection needs when it comes to buying health covers which shields them adequately. The survey took into account the buying behaviour of 10,000+ millennials purchasing health insurance policies across 15 States.
The study suggests that proportion of policies bought by them with sum insured of Rs 10 lakh and beyond has more than doubled in the past 5 years, surging from 8.4 per cent to 17.8 per cent.
Meanwhile, the Rs 5 lakh health cover has become the new norm as it is preferred by nearly 41 per cent of them. Health covers with sum insured in the range of Rs 5-10 lakh has experienced a 20 per cent growth in last 5 years. The data depicts how a bigger coverage has become a priority to protect themselves from health problems arising from existing lifestyle.
Amit Chhabra, Health Insurance, Business Unit Head, Policybazaar.com, said, “A medical emergency poses a threat to accumulated corpus if there is no adequate health cover. Buying a health insurance early makes it affordable. With medical inflation rising at double-digit pace, millennials are looking for health insurance plans with higher sum insured and add-ons like global coverage, OPD covers, and maternity cover to make the policy comprehensive.”
The survey indicates a dip in the number of policies bought with lower sum insured, a release said.