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The average ticket size of retail health insurance in India has increased by nearly 48 per cent over 6 years due to elevated medical inflation and increased demand for higher coverage policies among policyholders.
According to data by online insurance broker PolicyBazaar, the average ticket size of retail health insurance in India has increased to Rs 26,533 so far in FY24, up 48.22 per cent from Rs 17,900 in FY19.
Understanding your health insurance policy is set to become easier as IRDAI has asked insurers to provide updated customer information sheets (CIS) with health insurance policies, starting from January 1, 2024. The CIS is designed to provide policyholders all important information about their health insurance policy in simple language in a snapshot, said the insurance regulator. Know how your health insurance CIS will look and how it will benefit you.