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Corporate Health Insurance Premium likely to Drop by 5-10%
Raise in premium Rates is now solely dependent on the intensity of competition between insurers The ever rising competition among General insurance companies is becoming a reason big enough for employers to cheer as Group health insurance premium rates may not experience any raise this year.
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- Corporate Health Insurance Premium likely to Drop by 5-10%
The numerous claims in the corporate insurance segment are no solid indicators for the insurers to increase the premium rates as the competition among insurance companies is very tough. It is so tough that premium rates expect a fall of 5-10 per cent at the policy renewals in April this year.
Corporate health insurance is the health cover purchased by companies for their employees. It is not at all profitable for general insurance companies as evident from its claim ratio of 110% (meaning, they receive Rs. 100 as premium, after paying for claims amounting to Rs. 110). Insurers are however considering adopting different approaches taking into account the capability and readiness of the companies to pay premium. Options like – ‘co-pay’, ‘eliminating the benefits’, ‘obstructing the room rent availability’, ‘and putting barriers on covers for senior citizens’.
Insurance companies cross-subsidize group health insurance as they receive majority of insurance business from other business units like fire, property and engineering. Group health insurance has sustained the status of accommodation business for quite many years. Two years ago, it was planned to raise the insurance premium rates for group health exponentially so as to give it a single business unit status. But off late, insurers have started considering it as an accommodation business only.
In order to recover from the losses experienced due to high competition, the insurance companies are thinking at providing not just a hospital reimbursement policy to corporate companies but also various other health insurance linked products, such as outpatient department coverage for parents and larger deductible super top-up cover that the employee can purchase to back his group plan.
Health insurance industry in India stands tall in terms of competition with 23 general insurance companies and five standalone health insurance companies.
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Disclaimer: The list mentioned is according to the alphabetical order of the insurance companies. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in
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*Product information is authentic and solely based on the information received from the Insurer. Policybazaar is acting only as a facilitator and claims settlement shall be at the sole discretion of the Insurer. Policybazaar does not provide any medical or surgical advice or diagnosis and is not responsible for your interactions / treatment by a medical practitioner/hospital. Please consult a registered medical practitioner for any medical or surgical advice. The Information that you obtain or receive from Policybazaar, and its employees, or otherwise on the Website is for informational purposes only. As per the Insurance guidelines, you are allowed to cancel the policy with-in 30 days from the date of Issuance of policy.This option is available incase of policies with a term of one year or more.
*All the health insurance plans cover hospitalization expenses including COVID-19 treatment cover up to the specified limits. You can also buy specific COVID-19 health insurance policies such as Corona Kavach Policy and Corona Rakshak policy.
**All savings and online discounts are provided by insurers as per IRDAI approved insurance plans. #Tax Benefits are subject to changes in tax laws. GST Exemptions depend on fulfilment of qualification criteria and submission of relevant documents.
*₹1748/month is the starting price for a 1 crore health insurance for an 18-year-old male, with no pre-existing diseases. Discount on renewal premium is subject to the number of wellness points earned in the health insurance policy. For more details about the plans, please read the sale brochure carefully to get upto 100% discount on renewal premium.
*₹400/month is the starting price for ₹ 5 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases
*₹541/month is the starting price for ₹ 10 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases
*₹762/month is the starting price for ₹ 1 Crore Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases
*₹243/month(₹ 8/day) is the starting price for a 5 lakh health insurance for a 20-year-old male, non-smoker, living in Bengaluru with no pre-existing diseases
*₹2020/month is the starting price for ₹ 1 Cr Health insurance for a 50 year old male & 50 years old female, living in Bangalore with no pre-existing diseases rounded off to nearest 10.
*₹390/month (₹13 per day) is starting price for 1 cr. Health insurance for 25 years old male, with pre-existing diseases, residing from tier 1 city rounded off to the nearest 10.
*No medical tests are required unless requested by the insurer’s underwriter. In-case of pre-existing diseases relevant medical proof would be required as per the terms and condition of the policy opted.
*The values taken for effective cost calculation are indicative values and may change as per the selected plan.
*Coverage upto double the amount of Sum Insured is available on certain covers for a minimum plan of Rs. 5 Lakh on the first claim only to an individual of upto 45 years of age with no pre-existing diseases. The benefit is available with or without extra cost depending on the plan chosen.
*Coverage of pre-existing diseases is provided by insurer as per their underwriting policy.
*The scope of coverage may vary from plan to plan.
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