health insurance in india

Introduction of health insurance in india

In mid 80’s most of the  hospitals in India were government owned and treatment was free of cost. With the advent of Private Medical Care the  need for Health Insurance  was felt and various Insurance Companies  (New India Assurance, National Insurance Company, Oriental Insurance & United Insurance Company) introduced Mediclaim Insurance as a product.

According to recent news report Health insurance continues to be the fastest growing segment with annual growth rate of 55%. Health Premium has risen to Rs. 3300 crores in 2006-2007. As per the recent reports from various agencies the Health sector has the potential to become a Rs. 25000-crore industry by 2010.

On August 15, 2007 Prime Minister has announced Rs 2000 Crores for Health Insurance for poor citizens. We foresee that this amount will be partly in form of subsidy therefore during calendar year 2008 we can expect  Health Insurance premium to touch figure in the range of Rs 10,000 Crores.

In 2001 with entry of various private Insurance companies now the customers have choice of buying this insurance from 14 Insurance companies.

The Companies, which offer  Health or Mediclaim Insurance, are;
                          
Apollo DKV Insurance Company Limited.
Bajaj Allianz General Insurance Company Limited
Cholamandalam MS General Insurance Company Limited
Future Generali India Insurance Company Limited
HDFC General Insurance Company Ltd.
ICICI Lombard General Insurance Limited.
IFFCO Tokio General Insurance Company Limited
National Insurance Company Limited
New India Assurance Company Limited
Oriental Insurance Company Limited
Reliance General Insurance Company Limited
Royal Sundram Alliance Insurance Company Limited
Star health and Allied Insurance Company Limited
TATA AIG General Insurance Company Limited. (Overseas Health Insurance only)
United India Insurance Company Limited
Universal Sompo General Insurance Company Limited

India is the only country  where hospitalization insurance policy  was being sold as  Mediclaim Insurance Policies. The very name gives a feeling to the insured that claim has to be lodged. If motor insurance policy is not sold as motor insurance claim policy and household insurance policy is not sold as household claim policy then why this be named as Mediclaim?

Health Insurance and Mediclaim are two different names for the same product. The change has started  coming and now we have started calling it Health Insurance. ICICI Lombard has even named it as Health Insurance Policy.

Calling is as Health Insurance is a positive way of looking at this Insurance. It also giving  us a feeling that we as a society have started moving from curative medical care to preventive medical care.

About the Author:

Suresh K Sethi is Chief Executive Officer of RIA Insurance Brokers Pvt. Ltd.; anIRDA approved insurance brokerage firm, headquartered in New Delhi with branches at various locations in India. He is of the firm opinion that Health (Mediclaim) Insurance is the important segment of Indian insurance industry. It is expected grow at the rate of 200 to 225% per annum in the years to come. It will emerge as one of the important segment of non life insurance Industry. This book is written for all those who are not having insurance background but wish to buy Health Insurance cover for themselves or for their family or for the organization for whom they work.Suresh is also Vice President Director of Insurance Brokers Association of India,the only association of all IRDA licensed insurance brokerage firms operating in India. As a member of Insurance Committee of FICCI as well as PHD Chamber of Commerce & Industry he has made value addition towards use of technology in Insurance.

Article Source: ArticlesBase.com – Introduction Of Health Insurance In India – Mediclaim Policy In India – Health Insurance Coverage – Health Insurance Company In India