Health may be wealth but the fear of ill health has became strong medicine for the medical insurance industry. The total health insurance premium collected in India grew by a whopping twenty five percent in only a year, possibly because of the huge rush by persons to safeguard themselves and their families from catastrophic out-of-pocket medical expenses due to the COVID-19 pandemic and upsurge in the premium cost.
The first quarter of fiscal 2021 was marked by the devastating second wave of the COVID-19 pandemic which saw the utmost number of hospitalizations and deaths across the country.
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