“I will be giving them a Rs 50 lakh health insurance cover by paying the first year premium of Rs 40,000.
During weddings, we spend so much on festivities, so why not a health cover that covers the couple from Day 1 of their marriage,” Bhaskar said.
With medical inflation at nearly 16% annually, insurers are finding it worthwhile to catch customers young, when they start life as a family.
For instance, health insurer Cigna TTK’s agents always target the about-to-be-married or just-married. “Our distributors are leveraging opportunities by targeting youngsters who are about to get married with the plan.
With changing lifestyles and a shift in disease burden from communicable to non-communicable coupled with a rising awareness on healthy living and the importance of preventive healthcare, we have got early adopters on our platform,” chief distribution officer of Cigna TTK Health Insurance, Jyoti Punja, said.
Around two-fifth of the company’s customers (Cigna TTK has a client base of one lakh) is 35 years or below.
What’s also attracting twosomes to go in for a health cover early on is a maternity benefit (in some plans, there is a two-year waiting period before the maternity benefits start kicking in), coverage of OPD (out- patient department) expenses and vaccination for children.
“There is a tradition of giving some financial investment as a gift (gold, cash or property) during marriage.
Also, if a couple opt for a health policy early on, they will get a more exhaustive cover at a cheaper rate. Even if there is a waiting period clause, that too will get exhausted early during the policy term,” writer and insurance historian, K Nitya Kalyani, said.
“It leads to better underwriting as people get a cover without undergoing medical tests,” head of health insurance of Future Generali India Insurance, Shreeraj Deshpande, said.
Around 20% of the company’s health policy holders are below 25 years while another 25% of those insured under its medical cover fall in the 25 to 35 bracket.
Curated from Parents gift newly-weds health insurance