In the fast-evolving health insurance space, a significant shift is underway. Since the pandemic, the onesize-fits-all health plans have been giving way to customised or modular policies, wherein customers can choose benefits based on their needs, budgets, life stages and health conditions.
The rising adoption of tailored coverage has been necessitated by increased lifestyle diseases and high medical inflation of 12-14%. “It’s also driven in large part by the Insurance and Regulatory Development Authority of India’s (IRDAI) 2024 Master Circular, which explicitly required insurers to offer add-ons and riders catering to diverse individual needs,” says Siddharth Singhal, head of health insurance, Policybazaar.
