NEW DELHI: India’s health insurance premiums grew by 25 per cent as families sought protection against Covid, according to a study by the Finance Ministry founded National Insurance Academy.
‘Health Insurance in 2042: Challenges and Opportunities’, prepared by the Pune-based institute, said that Rs 58,572 crore was collected in 2020-21 as health insurance premiums; while the amount jumped to Rs 73,330 crore in 2021-22.
The substantial hike was attributed to the Delta variant propelling the second wave leading to a spike in hospitalisations and deaths. The report said while the health insurance market in India has been growing steadily at a compound annual rate of 24%, it registered a 34% jump in the pandemic.
The report said the bottom 50 per cent of the population is covered under the Centre’s Ayushman Bharat Scheme while 20 per cent benefit from other voluntary schemes. But the 30 per cent “missing middle” was a cause of concern.