Health Insurance Business India

Among the life insurers life insurance corporation lic is the sole public sector company.

Health insurance business india. Health insurance as an annual investment tool is gaining prominence among indians. Health insurance is a type of insurance that offers coverage to the policy holder for medical expenses in case of a health emergency. In 2011 3 9 of india s gross domestic product was spent in the health.

The most popular private voluntary health insurance product in india is mediclaim which has been offered by all four state run insurers since 1986. This form of insurance provides hospitalization cover and pays back medical costs that have been there for paying for diseases or surgery when the insured was admitted in a healthcare facility. Top 5 health insurance plans in india you may consider following are the five best health insurance policies in india that you can consider for yourself or for the protection of your family.

The health industry in india has rapidly become one of the most important sectors in the country in terms of income and job creation. The growth in health insurance has been largely du. In india there are two major types of health insurance plans critical illness insurance and medical insurance.

From 10 july 2020 insurers are mandated to offer standard indemnity policies that directly benefit the vulnerable customer segments such as healthcare workers. A health insurance plan chosen by the insured provides coverage for different expenses including surgical expenses day care expenses and critical illness etc. In 2018 one hundred million indian households do not benefit from health coverage.

The indian health system is one of the largest in the world with the number of people it concerns. For the others the risk of incurring out of pocket expenses drove them to the realisation that health insurance is a viable financial risk mitigation tool. There are six public sector insurers in the non life insurance segment.

Insurance regulatory and development authority of india. All the above factors are expected to support the health insurance market in india which is projected to grow by 10 to be valued at inr576 0 billion in 2020. The ones with health cover benefitted from its coverage during the covid 19 phase.