Evolution of Health Insurance: Pre & Post-Pandemic Analysis



The Insurance Regulatory and Development Authority (IRDA) has approved insurance providers to offer surrogacy coverage for up to 36 months, a development that provides an alternative for those unable to conceive naturally. Many health insurance plans are now offering optional riders that cover out-of-pocket expenses like doctor consultations, and Bajaj Allianz General Insurance has launched a revamped Health Prime Rider that includes coverage for emotional wellness, dental wellness, and physical fitness. There is also a growing trend towards personalised health insurance products, with insurers using data from wearable technology and other sources to tailor coverage to individual needs, including critical illness plans, maternity plans, and health insurance covering lab tests and medications.

Insurance Coverage for Surrogacy

The Insurance Regulatory and Development Authority (IRDA) has given approval for insurance companies to provide surrogacy coverage. This development has broadened access to medical care for individuals and families who face difficulties in natural conception. This coverage lasts up to 36 months and promotes inclusivity and progress in medical science.

Health Insurance Plans with Added Benefits

Several health insurance plans now offer an optional add-on or “rider” that covers Outpatient Department (OPD) expenses such as consultations and lab investigations. This feature, offered at an additional cost, is advantageous for covering expenses from ailments and infections not requiring hospitalization. Bajaj Allianz General Insurance, for example, offers an enhanced Health Prime Rider. This rider includes Emotional Wellness cover, Dental Wellness cover, Diet and Nutrition Consultations, Physical Fitness coverage, and more.

Personalized Health Insurance Products

Insurance companies are now offering personalized health insurance products by leveraging data about policyholders. This information includes family history, lifestyle, and income bracket. Real-time health data, obtained from wearable technologies like fitness bands, is essential for insurers to customize coverage according to individual needs. Personalized health insurance products such as critical illness plans, maternity plans, OPD-based health cover, and others are becoming increasingly popular, with no capping on room rent.

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