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Lucknow, 25th May 2024:Policybazaar.com organized a press meet today in Lucknow to discussregarding the significant trends and innovations in the health insurance sector, across Uttar Pradesh. The event highlighted key growth metrics and evolving customer preferences that are shaping the health insurance landscape.
Siddharth Singhal, Head- Health Insurance, Policybazaar.com says”I am thrilled to witness the significant growth in Uttar Pradesh, particularly in Lucknow. The evolving customer preferences reflect a growing awareness and demand for comprehensive health insurance coverage. We are excited to deliver tailored and accessible health insurance solutions that meet the unique needs of our customers in this vibrant region.”
The health insurance sector in Uttar Pradesh is reflecting the evolving landscape of healthcare needs and consumer demands. Recent data reveals remarkable year-over-year growth across various segments. This reaffirms UP’s position as one of the fastest-growing regions in terms of health insurance penetration.
Rishu Kumari, a Policybazaar customer from Lucknow, shares her experience, “Policybazaar team’s quick and efficient assistance came to my rescue and gave me and my family a huge financial relief during a very difficult time. A few weeks ago, my husband’s condition suddenly turned serious and he was diagnosed with GBS. This was a condition we had never even heard of. I’m thankful to Policybazaar for providing me with quick claims support during this time.”
1. Growth in premium
As per Policybazaar.com’s data, UP has emerged as a frontrunner in premium growth, with a 73% increase compared to the previous year. This growth is mirrored in key cities across the state, including Lucknow (56%), Noida (60%), Kanpur (72%), Allahabad (56%), Varanasi (107%), Meerut (132%), and Agra (63%). Such exponential growth demonstrates the increasing recognition of the importance of health insurance among residents.
2. Growing need for PED coverage
The prevalence of pre-existing diseases (PED) has seen a significant uptick in UP, with an 18% growth in customers with PEDs. In Lucknow, this figure stands at 23%. The top pre-existing conditions include diabetes, hypertension, asthma, and heart-related ailments. This data highlights the pressing need for comprehensive health coverage tailored to individuals’ specific healthcare needs.
3. Affinity towards higher sum insured
There has been a notable shift towards higher sum insured brackets in UP, with a 25% increase in number of customers opting for coverage of at least Rs 7 lakhs or more. Similarly, in Lucknow, there has been a substantial 23% increase in customers opting for Rs 1 crore coverage. These trends signify a growing demand for enhanced financial protection against escalating healthcare costs.
4. More people opting for quarterly and monthly payment Mode
The preference for non-annual payment modes (monthly + quarterly) has witnessed a significant upsurge in UP, nearly tripling from the previous year. Similarly, in Lucknow, this preference has grown 2.5 times, reflecting a shift towards flexible payment options that are easy on pocket and more flexible for customers.
5. Substantial growth witnessed in riders
It’s heartening to see growing awareness among policyholders of UP towards tailoring their health insurance with suitable riders. While in UP, the rider attachment rate has grown from 15% in 2023 to 48% in 2024, in Lucknow it has grown from 19% to 50%. This points towards a growing demand for additional coverage benefits. Top preferred riders are – consumables, annual health checkups, no room rent capping, and day 1 coverage for pre-existing diseases.
Option of Purchasing Policy at Home/Office
A notable proportion of customers in UP and Lucknow have expressed interest in purchasing policies at their convenience, with 33% and 31% respectively preferring to buy insurance at home or office. This trend underscores the importance of offering convenient and accessible channels for insurance purchase.
Age Demographics
There has been an increase in the share of senior citizens opting for health insurance in both UP and Lucknow, highlighting the growing awareness and importance of healthcare planning among older demographics. While the share of customers with age above 45 has gone up by 15% in UP, it has gone up by 9% in Lucknow.
The remarkable growth and evolving trends observed in the health insurance sector in UP and key cities like Lucknow signify a paradigm shift in consumer behavior and preferences. As the sector continues to evolve, the industry adapts and innovates to meet the needs of customers effectively.
