RenewBuy, a leading digital insurance marketplace, has announced significant adoption rates for its affordable health insurance plans among women, Gen Z, and senior citizens in India. The company attributes this success to its focus on providing tailored plans that cater to the
A recent survey conducted by RenewBuy among 1.5% of its 5.5 million overall policyholders reveals strong demand for affordable health insurance. Driven by growing awareness and rising financial independence, women account for nearly 30% of RB Health policyholders. The category, which has been growing by nearly 10-12% on a year-on-year basis, has seen maximum adoption among those in the age bracket of 31-40 years.
Gen Z, which has been betting big on financial security and preventive care, accounts for 24% of uptake. Rising awareness of financial security, preventive healthcare, and increasing medical costs are making this younger population more conscious of health insurance and the need for flexible policies. This aligns with broader industry trends where 50%-60% of Gen Z demand better digital engagement from insurance providers.
Senior citizens make up 10% due to RB Health's affordability and up to 70% lower premiums.
It is interesting to note that states such as Uttar Pradesh, Gujarat, and Maharashtra lead adoption, representing 47% of RB Health users and demonstrating its reach beyond major cities.
Giving more insights, Indraneel Chatterjee, Co-Founder, RenewBuy, says, “Today’s consumers, especially in the smaller markets, seek OPD benefits, coverage for lab tests and medications, and customized premium rates. The purchasing power in these regions differs significantly from metro cities, making affordability a key factor. Over the past two years, we have tapped around 1.5% of RenewBuy’s overall consumer base with our low-cost health insurance, and interestingly, women and the younger generation have shown a growing inclination, especially in the smaller markets.”
“These findings offer valuable insights to enhance consumer experience and accelerate growth for low-cost insurance in the untapped markets. So far, Maharashtra, Gujarat, and Uttar Pradesh have led the adoption, accounting for 47% of the total consumer base. The rapid success of this low-cost product has been driven by digital adoption, transparency, and the seamless policy purchase experience,” he further added.
RenewBuy's RB Health plans distinguish themselves by offering maternity coverage with a notably short waiting period, alongside comprehensive OPD benefits, including unlimited doctor-on-phone consultations, free lab tests, and substantial discounts on offline consultations. These plans prioritize accessibility and affordability, featuring modern treatment coverage under low sum insured amounts, and a range of other benefits. Furthermore, they address the contemporary consumer's needs by incorporating wellness benefits, making them a well-rounded and attractive health insurance option.