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In this State of the Economy Podcast, host PT Jyothi Datta speaks to Amit Chhabra, Chief Business Officer of General Insurance at Policybazaar.com, about the evolving health insurance landscape for senior citizens in India.
Recent policy changes, such as the extension of Ayushman Bharat to individuals aged 70 and above, and the removal of the 65-year age cap by the Insurance Regulatory and Development Authority of India (IRDAI), have created new opportunities and challenges for the sector.
Amit Chhabra highlights the significance of these developments, noting that “The 70-plus population is extremely underinsured right now... not having health insurance is a serious issue because that will open them up to large financial exposure.”
The discussion delves into how insurers are adapting to cover specific conditions such as Parkinson’s, Alzheimer’s, and other age-related illnesses, while also accommodating pre-existing conditions.
“The regulator is actually promoting or encouraging insurers to give some kind of offer to that customer. This may not be the standard product... but at least they get something, some sort of coverage.”, adds Chhabra.
The dialogue also explores the challenges within the ecosystem, including the complex relationship between hospitals and insurers which is “a push-and-pull relationship... but both parties realise they can’t coexist without each other.”, adds Chhabra.
Listeners will also benefit from practical advice, as Amit stresses the importance of transparency and full disclosure when purchasing insurance “One must make sure that your medical history is disclosed properly and in full detail when you’re buying a policy... If these two things are taken care of, there can be no denial of claim.”, he points out.
(Host: PT Jyothi Datta; Producers: Rowan Barnett, Siddharth Mathew Cherian)
About the State of the Economy podcast
India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.
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