While the COVID-19 pandemic pushed many Indians to purchase or increase their life insurance coverage, the non-life insurance penetration continues to remain around the 1% mark, underscoring the lack of financial protection necessary to support India’s growth ambitions. What’s more, most Indians are aware of only few products within the general insurance space, with health and motor insurance contributing to the lion’s share of non-life insurance policies sold in our country today. Recognising the fact that financial expenses associated with accidents and other emergencies could derail one’s life, let us explore the range of general insurance products that can offer a layer of much-needed protection that can facilitate a worry-free and healthier life.
Accounting for more than a third of the gross direct premiums collected in the Indian non-life insurance market, consumers are increasingly lapping up health insurance products in order to secure themselves and loved ones against unforeseen medical emergencies and critical illnesses. That said, the rapid pace of digitalisation and increasing integration of emerging technologies has empowered insurers to launch highly-customisable and innovative healthcare insurance covers, thereby offering policyholders utmost flexibility and maximum protection. As a result, policyholders can now enjoy benefits like additional protection for critical illnesses like cancer, accidental hospitalisation, maternity and child care amongst others, with tailored premium payment options to suit every household budget and nuanced requirement. Additionally, with a number of group health insurance covers available to protect a group of people employed in an organisation, business owners too can ensure
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