NEW DELHI: India’s medical health insurance premiums grew by 25 per cent as families sought protection against Covid, in response to a study by the Finance Ministry founded National Insurance Academy.
‘Health Insurance in 2042: Challenges and Opportunities’, prepared by the Pune-based institute, said that Rs 58,572 crore was collected in 2020-21 as medical health insurance premiums; while the quantity jumped to Rs 73,330 crore in 2021-22.
The substantial hike was attributed to the Delta variant propelling the second wave resulting in a spike in hospitalisations and deaths. The report said while the medical health insurance market in India has been growing steadily at a compound annual rate of 24%, it registered a 34% jump within the pandemic.
The report said the underside 50 per cent of the population is roofed under the Centre’s Ayushman Bharat Scheme while 20 per cent profit from other voluntary schemes. However the 30 per cent “missing middle” was a explanation for concern.