What Are the Impacts of COVID-19 on Health Insurance Sector in India?

With the entire world under the grip of the coronavirus pandemic, the Indian insurance sector is also having a hard time to survive in terms of generating revenue like before. However, if truth be told, there's unquestionably a constructive side to it.

In this case, if you take the old saying' every cloud has a silver lining' with a bit of seriousness, COVID-19 is proving to be advantageous, particularly to the health insurance sectors in India.

In proportion to the latest report, online Health insurance sale has grown up to 30%. On the other hand, the offline sale of the same has declined to owe to the coronavirus impact. When the health insurance business is compared to the month of February 2020, an astounding growth of 30% has been recorded in March 2020.

Over and above that, there has been a remarkable surge in the number of corona-specific health insurance policy purchases in India. Even though a lot of policy buyers are facing problems regarding the payment of premium due to this pandemic, the Insurance Regulatory and Development Authority of India (IRDAI) has asked all general and standalone health insurers to provide policyholders with the alternative to pay health insurance premiums in installments.

So it's quite clear as a day that the Indian insurance market is more or less hit by the impact of COVID-19. To be very specific, this impact is positive for some, for instance, the health insurance sector, and negative for some, for instance, the life insurance sector since the collected premium of the life insurers for the year 2020 stood comparatively low when compared to the last year.

Some of the policyholders are also struggling to pay their regular premiums. So as of now, we can't tell how prolonged or lasting this decline in different Indian insurance sectors is going to be. With time, we will get to see the bigger and clearer picture. Hopefully, the Indian insurance market will stand taller than ever before in the face of COVID-19.

In the meantime, if you are reading this and looking for a good health insurance plan, you can click here and have the best policy as per your requirements. Many health insurance policies can be now purchased with the cover for COVID-19.