Pandemic pushes sales of 1 crore health covers
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This story is from December 23, 2020
Pandemic pushes sales of 1 crore health covers
Rachel Chitra / TNN / Updated: Dec 23, 2020, 16:41 IST
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(Representative image)
BENGALURU: Insurers are upselling health insurance to customers by skewing their pricing in favour of high-value policies. A Rs 1 crore health insurance cover is available for as low as Rs 18,000 for a 30-year-old. As a result, a third of all health insurance premiums is now coming from the sale of high-value policies.
“There has been high claims experience from the Rs 1-25 lakh segment. So premium rates shot up 50-100% there. And since the Rs 25 lakh -1 crore segment is fairly new, premium rates are low an indirect benefit of cross-subsidy,” said Biresh Giri, appointed actuary and CRO, Acko Insurance.