Your Health Insurance Policy should be protect from "MEDICAL INFLATION "

   

     Your Health Insurance Policy should be protect from  "MEDICAL  INFLATION "

Inflation protection: Medical inflation in India is rising sharply, much 

faster than the rise in prices of other goods,  healthcare inflation in India is 15 per cent a year as compared to overall inflation of 6-7 per cent in the past few years, A health insurance report published by the Insurance Regulatory and Development Authority (IRDA) of India 

published in 2011 says the average claim in case of major diseases was Rs 1,34,550 in 

2009-10 compared to Rs 98,101 in 2007-08, a compounded annual growth rate of

 17 per cent notably, the average claim paid in 2009-10 was just Rs 23,000.

The global pandemic has jumbled up all the previous data, but has also increased the importance of a proper health coverage to protect against the medical inflation.

 With the cost of treatment becoming more and more expensive every year, it is only natural that you would want a bigger cover a few years from now than what you have today. 

This is where an inflation protection rider comes in. This rider in your health insurance 

policy increases your sum insured by a defined percentage at specific periods of

 time to keep up with inflation.

You should  design  your Health insurance policy in such a way that it will be meaningful in every stage in your life, it is usually worth paying a small incremental premium towards these benefits.

Raja Bhattacharjee  

https://www.investmentjunctions.com/