Beyond coverage: 4 common wellness benefits of health insurance
According to the recent report issued by IMARC group, the health and wellness market is expected to exhibit a growth rate (CAGR) of 5.55% during 2023-2028. Furthermore, the demographic dividend in India, with 68% of the population being young and 55% falling within the working-age group of 20-59 years, presents a vast pool of insurable individuals.
The role of life insurance extends far beyond merely providing financial coverage or lump sum payment in the event of sudden demise; it plays a larger role in individuals' lives. The shift is remarkable, and insurers are striving to elevate their understanding of customers as individuals with unique needs and circumstances.
Also Read: Term Life Insurance: Why should you not buy a return-of-premium option?
By offering a range of customizable options and integrated wellness programs, insurers enable policyholders to tailor their coverage to fit their specific lifestyle, ultimately promoting overall well-being rather than only focussing on specific triggers or events. The proposition is to provide a positive impetus to overall wellbeing getting embedded to the customer life cycle management process thereby driving better value offering to customers across segments.
The rise of wellness initiatives is not merely a passing trend but rather a reflection of a growing understanding that healthier individuals lead to reduced medical claims, enhanced customer experience, and cost savings.
Wellness programs have gained popularity in recent years, offering a range of physical, mental, and emotional benefits for policyholders. The COVID-19 pandemic has underscored the vital role of insurance in protecting individuals' well-being and ensuring their financial stability in uncertain
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