Financial advisors say that adequate term insurance and health insurance cover should be taken as soon as the job starts. Nowadays people have also become aware, especially those living in cities. Rajesh ji is such a gentleman. He had taken a family floater health insurance policy of Rs 10 lakh 13 years ago. Last year, he had paid a premium of Rs 24,936. The ground slipped from under his feet when he received an email asking him to pay the renewal premium of Rs 36,661 this year. Rajesh ji is not the only person whose health insurance premium has gone up unexpectedly. It is possible that this has happened with you too. But do you want to know its reason? Come, let us know why the premium of health insurance increases.
Siddharth Singhal, Business Head-Health Insurance, Policybazaar.com, says that the increase in health insurance premium depends on the companies. In the year 2022, on an average, the premium of health insurance has increased by 15 to 20 percent.
Kovid is the main reason for the increase in health insurance premium
Singhal said that the corona epidemic in 2020 has been a major reason behind the increase in health insurance premiums, because since the onset of the corona epidemic, both health insurance and general insurance have seen a significant increase in claims and claim sizes. Before the arrival of the Corona epidemic, an average claim used to be Rs 60,000, but after the Corona epidemic, it increased to 80,000. Along with this, medical inflation has also increased by 14 percent. Therefore, considering both these things, all the companies have decided to increase the premium to maintain their financial health and to meet the needs of their customers.
Increasing age is also the reason for increase in premium
Akhil Mahajan, CEO, A&M Insurance Brokers, says health insurance premiums also increase with age. General insurance and health insurance companies generally keep age slots like 20 to 25 years, 25 to 30 years, 30 to 35 years, 35 to 40 years, 40 to 45 years. He told that suppose a person buys health insurance at the age of 40 and all things remain normal, then there is no change in the premium till the age of 45. There is a definite increase in the premium at the time of renewal in the 46th year. The amount of increase in premium in such a situation varies from company to company. In case of family floater health insurance, the premium is decided according to the age of the oldest person in the family.
Now, like Rajesh ji, you too must have understood the reason behind the increase in the premium of health insurance. However, if you want to keep your premium low, you can consider porting to a policy with unlimited restore facility while reducing the sum assured.
