Affordable health insurance witnessed a rise in demand in India as 7 in 10 chose cost-effective coverage in FY24. According to a study by Policybazaar.com, most buyers are among the elderly age groups.

The findings suggested that out of the total customers opting for affordable plans, 60% are first-time insurance buyers.

The age group between 55+ years comprises the largest percentage of affordable health insurance buyers, accounting for 34% of the total; this is closely followed by customers in the age group of 41-55 at 29%.

At least 25% of senior citizens are reducing their co-pay to 0%.

Co-payment, traditionally chosen by senior citizens to keep premiums low, was previously mandatory for those entering plans after the age of 60.

Currently, many plans either eliminate co-pay or provide the option to reduce it to 0% by paying an extra premium.

60% of affordable health insurance buyers opt for at least one rider while purchasing any plan. Of these, consumable riders are opted by over 65% of customers, followed by 33% of customers opting for Day 1 cover riders for common ailments such as Asthma, BP, Cholesterol and Diabetes.