BigRise Financial™ conducted an extensive survey (courtesy: LinkedIn) between: Feb-21 & Mar-21, asking just ONE simple question to which respondents had to reply with a YES or a NO. We did this towards generating massive awareness across corporate to help families drive up their own medical coverages to be better prepared, before or after the Covid-19 vaccination.
We witnessed a huge turnout in responses with 1178 people (77% male, 23% female) in our own connected network (none of which were our existing clients) sending us their candid answer. Respondents belonged to various positions ranging from junior levels, all the way to up to C-Suites executive ranks. The lot chosen to respond to this survey was: 100% working professionals, selected randomly, belonging to established companies across India.
That ONE simple question asked, apt in the current Covid-19 scenario was:
“Can your existing corporate group mediclaim or private health insurance cover be increased by 40 Lacs straight for a peanut price? Including your parents too?”
(The answer is given at the bottom of the article)
It was overwhelming to have responses from professionals belonging to eminent corporations, some of which included: Accenture, Amazon, American Express, Bank of America, Barclays, Boston Consulting Group, DHL, Dell, Deloitte, Ernst & Young, Genpact, Google, JP Morgan, KPMG, HCL, IBM, Microsoft, Moody’s, Nestle, Novartis, Oracle, PwC, Pepsico, Reliance, TCS, Unilever, United Health Group, Vedanta, Walmart, etc.
We thank all the ones who responded and their organizations to have cultivated a culture of ‘adding value’ to awareness drives in the larger interest of the ‘unaware’.
The shocking Survey Results?
- Only 27 people (2%) out of 1178 knew about this mediclaim top-up or health insurance.
- 1151 people (98%) out of 1178 did not know they could easily enhance their health insurance at work or private capacity.
Now, it’s time for the Answer to the question: YES. You could enhance any of your existing mediclaim or health insurance at just Rs 2000 per person per year additional premium only. This is all it takes to jack-up your mediclaim by a straight 40 Lacs. What better, you could enhance your coverage up to 2 Cr as well. This could include your parents as well, which in all probability carry a higher risk of hospitalizations in the near future, and hence the need of a higher medical cover at their disposal.
Note: Basis the age, the premiums would vary, but the difference is not as significant. In the Indian health industry, these added covers are referred to as ‘super top-ups’ and currently, are the least-priced across the board with the most comprehensive coverage.
Strategy: Take into consideration your existing health cover (at work or in private capacity), referred to as the ‘base cover’. Just top-it up with a comprehensive super top-up (mediclaim) cover. With this you enjoy a high coverage and at a price that is much lower than maintaining a high-base cover, year on year. A good medical coverage set for your family once could continue to run for a long time (or life time), without you having to worry to review it in case of a medical emergency.
As a matter of fact, 72%+ families in India/ abroad do not get a chance to enhance the health insurance cover of the affected member of their family – if the problem strikes, as insurers do not want to take medically ill cases! A lot of corporate employees continue to live in this myth: “I do not need any external private coverage as I’m well covered from my corporate”. This is completely a wrong thought! We advise you to build a private top-up cover to de-risk exigencies in your family related to mediclaim costs.
We offer flexibility to you to consult BigRise Financial™, a Financial Consulting organization that works in the space of: Investments, Insurances & Wealth for Indians & Indian-origin (PIO) across the world including: OCI, NRI & Expats to get them innovative insurance investment options in India. We bring world-class products and solutions from the world’s most renowned financial organizations and insurers to our clients.
To get COMPLIMENTARY advise on this situation, write into: nitin@bigrisefinance.com
Or Drop a WhatsApp on: +91 98182 46300
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