Flexible health insurance plans have seen an upsurge of almost 300 per cent in the last five years in India, according to a report by Mercer Marsh Benefits (MMB).
In the last couple of years, health insurance plans have become extremely modular. This means that customers can now customize their plans according to their requirements. Customisations usually add to the pricing/premiums. They can add relevant riders, choose limited hospital networks, opt for super top-ups to enhance coverage, and upgrade or downgrade their room category.
Customized Health Insurance
In addition, flexible health plans offer several other benefits, such as a customized premium payment structure, sum insured adjustments, the flexibility to choose treatments or specific illnesses, and the ability to select co-payment options.
This ensures that the plan is customized to their needs, and also enables them to manage the premium effectively.
These customisations have made the nature of health insurance very customer-centric. Customers can adjust the coverage of their policies so that it’s adequate for their needs. It’s also a great way to manage your premiums better. “This way, you don’t pay for what you don’t require. For instance, if one is comfortable sharing a bed during hospitalisation, they don’t need to pay for a single private room,” says Siddharth Singhal, head, health insurance, Policybazaar.
“Flexible health plans offer customization options which help the policyholder avoid unnecessary or additional coverage payment, flexibility to select from the range of network hospitals or specific treatment, and personalized coverage as per one’s lifestyle, budget or medical history,” says Rakesh Goyal, director, Probus.
