Rising Healthcare Costs Drive Demand for Higher Coverage: Turtlemint Sees 240% Growth in Sum Assured
VMPL
Mumbai (Maharashtra) [India], February 28: The health insurance industry in India is witnessing strong growth, driven by rising healthcare costs and increasing consumer awareness post the COVID-19 pandemic. With medical inflation at an annual rate of 14%, the health insurance market is projected to reach INR 2.0 trillion (USD 23.8 billion) by 2028, according to GlobalData.
Surge in Policies Sold & Higher Coverage Amounts
As demand for health insurance continues to grow, Turtlemint has reported a significant rise in the total sum assured, signaling a shift in consumer behavior. More individuals are opting for higher coverage amounts to protect themselves against escalating healthcare costs. Turtlemint is actively addressing this demand, servicing annual quote requests amounting to approximately Rs546 billion in sum assured across 592 Tier II and beyond cities. Over the past five years, the total sum assured has surged by almost 240%.
This trend toward broader benefits and more comprehensive health plans is also reflected in higher premiums per policy, particularly in smaller cities where awareness is growing. Turtlemint's data shows that in Tier 2 and Tier 3 cities, premium per policy has increased by over 73% since 2020. Consumers are now more willing to invest in extensive health coverage to mitigate financial risks associated with medical emergencies and inflation.
Commenting on this shift, Dhirendra Mahyavanshi, Co-founder & CEO of Turtlemint, said: "The increasing preference for higher sum assured and comprehensive coverage highlights a growing consumer focus on financial preparedness for medical expenses. Through the Turtlemint platform, we are committed to helping individuals make informed insurance decisions, ensuring they get the right coverage and seamless claims support when they need it most."
Empowering With Technology
Turtlemint continues to innovate with its technology-driven platform, making insurance more accessible and personalized while ensuring that quality healthcare remains within reach for every Indian. To further enhance this experience, the Turtlemint App empowers consumers by simplifying policy understanding, enabling easy access to documents, and providing end-to-end claims support.
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(The story has come from a syndicated feed and has not been edited by the Tribune Staff.)
