Rising medical expenses and accidents make it mandatory to have insurance policies. When compared to earlier, number of people taking these policies is on the rise and there is a palpable change in thinking. There is increasing number of long term policies,” says SBI General Insurance Managing Director CEO Pushan Mahapatra. Insurance companies are also coming up with newer policies per the customer needs.
*what is the growth rate of general insurance policies when compared to earlier? Which are the policies most favored? Is there a change in customer pattern?
There are many new policies in general insurance now. 2016 saw many such. There is every chance that these may continue this year also. These all will help in the growth of general insurance sector. The first year premium has been increasing every year and saw 29% growth in the last year. Especially, there is growing prominence to crop insurance.
The performance of general insurance is very good. The trend clearly shows growing importance to motor, health and individual insurance policies as well as fire accident insurance policies. Customers are now using the latest available technology and there is clear change in mode of taking policy. Earlier customers used to follow whatever the policy advisor said. But now they are more knowledgeable and know what they want.
*Are the health insurance policies seen merely as tax saving options? Or as a need? What is your advice for new policy takers?
Still, there are very few general insurance policy takers in India but there is a clear change with time. with increasing health inflation and new diseases related to lifestyle changes, there is nowadays more inclination towards taking health insurance policies.
Everybody should have a health insurance policy. This can be further calibrated based on your social and financial condition. This saves all your savings from extinctions in times of a serious illness. It is always prudent to take a big policy if you have a bad family medical history. There is abundant information available regarding health policies and go through all of them before confirming.