Today, millennials are the largest segment of consumers in the world. In India itself, there were 440 million millennials [EW1] in 2021. With a larger purchasing power, it is no wonder that their choices are leading to an evolution in products.
As per numerous studies, millennials are said to have a hands-on approach [EW2] to financial planning and investing. They are also known to be concerned about their financial future, practicing digital means of learning and investing in their well-being.
Around 57% of millennials between 30 and 35 years of age are aware of health insurance, as per a survey. However, only 19% of the younger segment up to 25 years were aware of its importance. To meet this gap and cater to their needs, health insurance are:
· Offering plans with more options for personalisation
· Bringing transparency to inclusions, exclusions and fees
· Increasing coverage for added flexibility
· Making the digital journey to buy and renew insurance simpler
Read on to know what this evolution of health insurance looks like and how you can make most of it.
· New plans now cater to younger policyholders
As digital natives, millennials prefer:
o Online transactions
o Fast and secure digital processes
o Simple and easy-to-understand product features
Health insurers have taken these preferences into account to simplify the purchase process of health policies. Today, you can buy a health policy online in less than 10 minutes and enjoy an instant cover.
To cater to a younger consumer, health policies today are of shorter tenures and have more affordable premiums. With plenty of customisable options like deductibles and add-ons, these policies serve millennials better.
· Mental wellness is now covered by health insurance
Millennials have always been vocal about mental health issues like depression. However, the disruption of the normal, the isolation and increasing health issues that arose after the pandemic became a bigger wake-up call.
To cater to this need of addressing stress, anxiety and more, the IRDAI (Insurance Regulatory and Development Authority of India) directed all health policies to cover mental health.
· Health cover moves beyond hospitalisation
While insurance in the past primarily came into play during hospitalisation, it is no longer so. This has lead health insurance companies to offer a larger number of OPD benefits that cover:
o Diagnostics and radiology
o Doctor consultations
o Dental care
o Medicines and medical equipment
In India, 70% of money spent towards healthcare falls in the OPD segment, and this benefit has made health insurance more useful for all.
· Wellness is now rewarded via incentives
As millennials make health a priority, they work towards boosting it in various ways. From walking a certain number of steps to dedicating time to visit the gym or a yoga class every day, millennials have added health activities into their routine.
To reward this positive behaviour, health insurers now offer perks to those who work at lowering their health risk. These wellness rewards include a range of things from gift vouchers to discounts on the health plan premium.
You can thus meet the fitness criteria set by your health insurance company and not only increase your sum insured but also your quality of life!
· Maternity cover is now more inclusive
As millennials start families and have kids, their requirements for the maternity cover from health insurance has evolved. To meet them, insurance companies have:
o Reduced the waiting period from up to 4 years to 1 year or even lesser
o Added cover for IVF (in-vitro fertilisation)
o Added cover neonatal intensive care and more
To see how you can add health insurance to your life plan, check out the Bajaj Markets App. This digital marketplace has a range of financial and lifestyle products to help you upgrade your life.
Download it from Google Play or the App Store and compare some of the best health plans with ease. Choose your customisations and sign up for an affordable health insurance policy to protect your health and your finances today!