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Gurgaon, Haryana, India: PolicyX.com, a leading web insurance aggregator, unveils the ' Insurance Price Index' data for the second quarter of 2021.
PolicyX.com, a leading web insurance aggregator, unveils the ‘Insurance Price Index’ data for the second quarter of 2021. According to the report, there is a drastic shift spotted in the insurance price index of both - Term Insurance & Health Insurance. Both insurance schemes have undergone a major shift in terms of premium prices, age category, etc in the months of April, May & June 2021.
Unlike Q1 2021, Health Insurance Price Index witnessed a major shift in the 2nd quarter with an increase of 4.87%, marking a surge of insurance premium prices to Rs. 25197 in the index value. The Insurance Price Index of Health Insurance had been constant in the last two quarters i.e. Q4, 2020 and Q1, 2021 at Rs. 24026.
A few health insurance companies didn’t increase their premium prices in the last couple of years and then the radical increase in the number of claims due to COVID19 has led to this stir. Moreover, the additional coverage of several diseases such as mental disorders, genetic diseases, neuro-related disorders, psychiatric disorders, etc is responsible for the sharp increase in the health insurance premium prices.
Analysing the impact segment-wise, then, the highest surge is witnessed in the premium prices of the 2 Adults category i.e. 5% followed by the 2 Adults & 1 Child category i.e. 4.3%. Alongside, the average premium prices plummeted by 9.3% for the 46 age group and 10Lac sum insured category.
In Q2 2021, the major price change was undertaken by three insurance companies with 24.5% being the highest increase, followed by 9.8% and 0.7%. However, the rest of the 3 insurers refrained from any kind of price increase in their premiums.
The premium prices for Health Insurance are average prices taken from the leading 6 health insurance companies for all age groups i.e, 26 years, 36 years, 46 years, and 56 years & all coverage types i.e, 1 adult, 2 adults, 2 adults + 1 child, and 2 adults + 2 children.
For a detailed report on Health Insurance Price Index click here:
https://www.policyx.com/health-insurance/health-insurance-price-index.php
The constantly increasing Term Insurance Price Index has once again reflected a change in the index price of a 2.79% surge, taking the average price of term insurance premium to Rs. 22,524 in Q2 2021.
Now, the Term Insurance average price of Rs. 1 crore sum insured has reached to Rs. 29,007 in the last quarter.
With this latest shift, the term insurance space has a cumulative surge of 7.29% in the span of Q4 2020 to Q2 2021 in India.
The unrelenting impact of COVID19 in India has laid a drastic impact on the Term Insurance category with an exceptional shoot up in the mortality rate.
Segregating the impact into different categories, males, in the age bracket of 55-years, tops the chart in the list of premium increases by 3.3% i.e. the highest jump among all age groups. Conversely, the average premium for the female age group of 25-years increased to Rs. 9,307 in Q2 2021, accounting for the lowest hike at 1.4%.
During the last quarter, 4 insurers have increased their premium values i.e. approx 24.5%, followed by 3.7% & 1.6% and minimum rise is 1.1% out of 10 insurers.
Age, being a paramount factor affecting the term insurance premium, lays a big impact on the premium prices, hence, in the current scenario, delaying a term plan by 10 years will cost 46.2% higher for 25 years old and 72.7% higher for a 35 years old person.
The mentioned premium prices are average from 10 leading insurance companies for various age groups i.e. 25 years, 35 years, 45 years and 55 years for both genders and smokers & non-smokers category.
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