Choose a Health Plan Today

Unexpected things – serious illness or accident, can happen anytime!

Are you well prepared to face them? If you haven’t then get it done through a private insurance premium provider in your state.

The insurance industry in India:

The insurance sector is becoming highly competitive particularly in a developing country like India. It is important to consider the fact that not all insurance companies provide the same services or cater the same customer groups.

India consists of nearly 57 insurance companies – out of which 33 are non-life insurance and 24 are life insurance companies. Among these two categories of companies few are financial guarantors and others are property and casualty insurers and accident and health insurers. While the accident insurers are companies integrated to help citizens who have been harmed physically, the property and casualty companies provide security against nonphysical harm such as car crashes, damage to personal assets and lawsuits.

A recent survey by ICICI Lombard in the age group of 25-35 years has shown that seventy-five percent of them had taken health insurance.

Though such surveys prove that people are aware about the benefits of good health and thus spend their income wisely on medical covers, but still there are certain groups who simply look at the health insurance as a tax saving commodity.

With more than 50% of health expenses met by the insurance companies, the good news now is that the awareness of insurance covers is on the rise in the country.

What’s New in Insurance Sector?

• The Indian government has also proposed a mega scheme - National Health Protection Scheme (NHPS) to generate considerable growth in insurer’s premium and at the same time inflate the size and scope of the Insurance sector to a great extent. Proposed in the Union Budget 2018-19, this scheme was introduced to provide health insurance policies that would provide a coverage of 5 lakh rupees to over ten crore poor families in the country.
• Already several states including Kerela, Rajasthan and Tamilnadu have implemented several low premium insurance schemes for the general public and also have allocated health covers of 2 lakh rupees for a family of five members.
• To persuade senior individuals of the country to get them medically insured, the Indian government has also increased the deduction for pensioners and senior citizens from 30,000 INR to 50,000 INR from the current financial year 2018. The government officials have further proposed to provide provisions of up to 60,000 INR to senior citizens and 80,000 INR to very senior citizens residing in the country. However this would come to effect by 2019-2020.

As you are travelling through the brave world around you, get yourself and your family a health cover. It will just take 30 minutes and some effort to submit the details for getting yourself insured with an insurance company.