Price Index: An Introduction
I am sure you have heard your grandparents complain about the increasing prices over the years. The ‘hamaare zamaane mai’ talks never end. However, it is no surprise how inflation has affected the prices of basic goods and services over the years. Over the past decade, India has witnessed an average consumer price inflation of 5.5%.
Ever wondered how economists calculate inflation rates across the globe? The answer is the ‘Consumer Price Index’. A price index is an excellent tool to understand the trends of pricing over the years for any particular good or service across the globe. It is the most widely used tool to calculate inflation.
Similarly, PolicyX, India’s trusted insurance advisor has designed an efficient price index helping customers across the country understand the changing trends of health insurance and life insurance premiums over the years. Understand more about the PolicyX insurance price index, and witness the patterns in pricing the premiums in the insurance industry.
Insurance Price Index: Determining Insurance Pricing Over The Years
Insurance Price Index is a first-of-a-kind tool introduced by PolicyX to help you witness the changing trends of insurance premiums. The insurance price index is divided into health and term insurance, calculating price changes in premiums over the years. PolicyX updates the price index every quarter of each financial year.
The price index tracks health and term insurance premiums quarterly keeping in mind multiple factors like:
- Age
- Coverage
- Gender
- Smoker/Non-Smoker
Health Insurance Price Index
The insurance price index gives customers insights into the insurance premium price trends over the years. The health insurance premium price index showcases us the following:
- The average premium for 2020 Q4 stood at INR 25, 124 gradually increasing up to INR 28,711 for 2023 Q4
- The health insurance price index has increased by 1.16% in quarter 4, 2023 as compared to the previous quarter
- The percentage change year on year (Q4 – 2023 over Q4 – 2022) was 9.06%
How Can You Access The Health Insurance Price Index?
Follow these simple steps to view the PolicyX Price Index.
- Step 1
Visit the official website of PolicyX, India’s trusted insurance aggregator.
- Step 2
Scroll down to the section ‘PolicyX Insurance Price Index’ and select Health Insurance Price Index.
- Step 3
Scroll through all the data published over the years to understand the health insurance premium trends.
Term Insurance Price Index
The term insurance price index gives customers insights into the year-on-year trends of term insurance premiums. The term insurance premium price index showcased us the following:
- The overall cost of term insurance saw an increase of 4.85% in comparison to the previous quarter Q3-2023
- There was a difference of 13.02% between Q4 2023 and Q4 2022 in the term insurance price index
- Due to a rise in death claims, term insurers in the country have increased the term insurance premium prices significantly
How Can You Access The Term Insurance Price Index?
Follow these simple steps to view the PolicyX Price Index.
- Step 1
Visit the official website of PolicyX, India’s trusted insurance aggregator.
- Step 2
Scroll down to the section ‘PolicyX Insurance Price Index’ and select Term Insurance Price Index.
- Step 3
Scroll through all the data published over the years to understand the term insurance premium trends.
Wrapping It Up
Health and term insurance premiums play a crucial part when it comes to purchasing an insurance policy. With this in mind, PolicyX designed a powerful tool called the Insurance Price Index. It is an educational and informative tool for users who want to understand the changing trends of insurance premiums over the years. The insurance aggregator aims to provide consistent updates on the changes witnessed in the insurance industry overall through data analytics.
