Covid-19: Health insurance, term insurance plans get dearer between April and June - Check this report

The premiums of term insurance plans and health insurance plans have seen an uptick during April to June quarter. The premiums have gone up during the second wave of the Coronavirus pandemic. The health insurance premiums have gone up by an average 5 per cent between April and June according to insurance policy aggregator company PolicyX. Zee Business' Anurag Shah has this detailed report.

This report by PolicyX also suggested that the insurance companies have not increased premiums of health insurance plans over many years now. However, the advent of Coronavirus Pandemic leading to higher number of claims getting filed, ultimately forced the insurance companies to increase premiums on the health insurance and term insurance plans.

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The health insurance premiums have also gone up because of the inclusion of deseases related to genetic disorders or metal disorders.

The insurance premiums for people above the age of 46 years have gone up by 10 per cent. The premium has also gone up by the same amount for health insurance covers which offer sum assured equal to or above Rs 10 lakhs.

If one looks at the term insurance premiums, the amount has increased by around 8 per cent in June 2021 as against 2020.