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economictimes.indiatimes.com / 1 year ago
livemint.com / 1 year ago
livemint.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
Rising healthcare costs: Policyholders tap loans to retain health cover
healthcare costs and insurance premiums, many Indians are opting for premium-financing loans to maintain or increase their health coverage.
Startups such as Finsall, Bimpay Finsure and InsurFin, which specialise in insurance premium financing, are seeing increasing demand for such loans. Finsall and Bimpay said they get around 7,000 new customers each month.
The average loan is for Rs 40,000 and the interest rate ranges from 12% to 16% on a reducing balance basis, depending on the borrower's credit profile.
Around 70% of BimaPay's customers come from tier-2 and -3 cities, and 30% of them have not taken any loans before, said chief executive Hanut Mehta. «So, using a flexible payment option, you're able to buy a higher sum insured, cover your entire family and get an appropriate coverage,» he said.
Premiums Up 25% for 52% of Policyholders in Past Year
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BimaPay has tie-ups with seven insurance companies to finance insurance premiums. As per some industry estimates, health insurance premiums have increased 25% for around 52% of the policyholders in the past one year.
«Post-Covid, healthcare inflation has risen year on year. A recent report pegged the health inflation at 14%. A lot of young people have increased the health insurance cover for themselves and their families and prefer to pay premiums through affordable instalments,» Finsall CEO Tim Mathews said.
Finsall has tied up with 15 insurers and its loans average Rs 40,000-50,000.
InsurFin, which went live four months ago, is also seeing traction
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21.05 / 09:47
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