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Digital Is Helping Redefine How Health Insurance Is Purchased

Dec 04, 2019 | 2 months ago | Read Time: 3 minutes | By iKnowledge Team
Digital Is Helping Redefine How Health Insurance Is Purchased

The last decade has seen a technological revolution of sorts in both India and around the world. Information is flowing through networks at a greater intensity and this is changing the very face of traditional businesses including that of health insurance.

Welcome to the instant world! We look for everything instantly: new products, feedback, trends, novelties and more. Health insurance has been in India since the economic reforms of 1986 but the last few years have changed the way this business has portrayed itself to the industry and to us, as consumers alike.

Now, if you want to look for a health insurance policy, you simply go online and write it down in your search engine. And voila! You have at your fingertips, over hundreds of different kinds of plans all suited to your specific history and financial situation. In fact, you can even calculate the type of plan you should get based on your income and savings model.

So, what is health insurance?

A health insurance policy is simply a protective financial instrument that saves you from paying the full cost of the medical cost. Depending on your plan, it can cover everything right from hospitalisation to surgery expenses.

Nowadays, health insurance providers as well as consumers are equally embracing the use of digital tools like mobile health apps, health ATMs, online policy purchase, online premium payment, online premium calculator, and fitness bands. 

Where does digital come in?

Technology started to enter in our lives with several players developing wearables focused on fitness, sport and wellbeing. In early days Fitbit developed hardware pieces to monitor the number of steps you do every day. Now it is going deeper with health-related devices like connected-scales and watches that monitor your heart rate.

The next step in this technological revolution is to change the way we make decisions and therefore, health insurances. There are a variety of health insurances available in the market today and the easiest way to access all of these is through the digital front.

With digitalization, insurers are helping slow the seemingly inexorable rise in healthcare costs around the world. People are living longer, thanks in part to new, sophisticated treatments, but many of these therapies are expensive. Using advanced analytics and other digital techniques, insurers are aiding doctors and patients get access to the most up-to-date and relevant information when making decisions about treatments.

What are the types of health insurance?

Depending on your demands and preferences, you can choose between the following three types of health insurance in India: 

Individual health insurance

The simplest option is sometimes the best. This plan is designed to insure an individual against illnesses and ensuing medical expenses. It covers hospitalization and surgical expenses till the cover limit is reached. This cover limit is the sum assured by your insurer.

Family floater plans

If you want to buy health insurance for your whole family, you should opt for a Family Floater plan. Unlike Individual Health Insurance, the Family Floater plan gives you a single insurance cover for your entire family so anybody in your family can claim in case of hospitalization or surgical expenses. More than one family member too can simultaneously avail the benefits of the Family Floater health insurance plan.

Unit Linked Health Plan

Unit-Linked Health Plans (ULHPs) offer a mix of investment and insurance. A part of your premium is invested while the remaining is used to buy health cover. Your health insurance cover thus helps you earn a return while also providing you a safety net.

By comparing these plans online, using the digital tools available today, you will be able to weigh the pros and cons of each clearly.  

As a consumer, it is important that you make a well-informed choice about this decision that can have far reaching implications on the financial and emotional health of your family. To know about Aegon Life’s life insurance products like term insurance and other products, visit our home page.


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