Heart-related insurance claims have doubled in the past five years, while the average claim size has surged by three times, according to data from Policybazaar, a digital insurance platform company.
"With heart-related insurance claims accounting for nearly 20% of total claims in 2023-24, heart disease is becoming an increasing health and financial burden. This is particularly true for those under 40, where stress and lifestyle choices contribute to skyrocketing medical expenses for heart treatments," said Policybazaar head of health insurance Siddharth Singhal.
In the financial year ended 31 March 2024 (FY2024), heart-related claims constituted 18-20% of total health insurance claims, up from 9-12% in FY2020. The average claim size has also escalated, growing from INR400,000 to INR500,000 in FY2020 to INR1200,000 to INR1500,000 in FY2024.
Age
The data showed that heart-related claims were increasingly made by younger individuals. The group aged below 40 years now accounts for 15-20% of heart-related claims. The rise was attributed to lifestyle-related issues, such as stress, poor diet and lack of exercise. In 2020, younger claimants accounted for only 10-12% of total claims, a figure that increased to 15-18% by 2022-23.
Gender
About 60-70% of claims were submitted by men, who generally had better insurance penetration. This means they are more likely to claim for heart conditions, according to the report. Only 30-40% of claims were filed by women. Despite increasing awareness of cardiovascular risks among women, their lower insurance penetration remains a concern.
Increasing share of heart-related insurance claimsY
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-
|
Year
|
Share of health claims
|
Average claim INR ‘000
|
|
2019-2020
|
9-12%
|
400-500
|
|
2023-2024
|
18-20%
|
1,200-1,500
|