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Health insurance in India has become more inclusive than ever before and companies have started including brothers, sisters and live-in partners in retail policies. Earlier, family coverage was limited to only husband, wife, children and parents, due to which people with modern family structure were forced to take multiple policies. Now the new update brings a big change to the industry by connecting coverage with real home needs.
New Delhi. Health insurance companies in India have made a big change by making retail health plans more flexible. Now brother, sister and live-in partner can also be included in the same policy. Earlier this option was not available and coverage was limited only to the traditional family like husband, wife, children and parents. Due to this, many people were forced to take different policies despite living in the same house.
According to Policybazaar, the existing structure was not matching the changing lifestyle of India. In big cities of the country, it is common for youth to live with siblings and many couples live in live-in instead of getting married. The option of a joint health policy was considered necessary for such families. Keeping this in view, companies have now increased the scope of coverage.
Changes in view of modern family pattern
Siddharth Singhal, Head of Health Insurance, Policybazaar, said that this update is the most progressive step for the sector as the needs of India’s urban families are rapidly changing. He said this change recognizes real domestic responsibilities and relationships where financial and health decisions are often taken jointly by siblings or live-in partners.
Quality of coverage same as before
Insurtech companies said that despite the addition of new options, the rules of exclusion, waiting period, benefits and underwriting will remain exactly the same as before. This means that there will be no change in the quality of coverage as the family expands. Consumers are only being given the flexible option of adding additional members.
Which companies started
Aditya Birla Health Insurance and ICICI Lombard have launched this new feature. Industry experts say that other companies will also soon adopt this model because the demand for policies keeping in mind the inclusive and modern family setup is continuously increasing in the market. This step is believed to increase both the reach and utility of health insurance. In the end, it is being said that this change will not only provide convenience to the consumers but will also make long-term health security planning easier. With the entire house covered in a single policy, premium management will be simple and the hassle of purchasing different plans will also be eliminated.
