The A-Z of Health Insurance in India

Posted on: Apr 26, 2020 | | Written by:

The A-Z of Health Insurance in India

Published on April 21, 2020. EST READ TIME: 4 minutes

Health insurance has emerged as the fastest growing segment in India after the life insurance sector. Compared to other insurance sectors, the medical insurance sector has shown phenomenal growth in terms of year-on-year growth, due to several reasons, including the growing general health awareness in the public and rising healthcare costs.

Growing Awareness Regarding Importance of Proper Healthcare

One of the primary reasons for the growth of the health insurance in India is the increasing awareness of the importance of proper healthcare. Indians are now more conscious of their health than ever before, and they realize the importance of having proper healthcare facilities in place. With the help of health insurance, they can now get timely and quality healthcare, without worrying about the high costs associated with healthcare services.

Rise in Healthcare Costs Making it Difficult to Afford Treatment Without Insurance

Healthcare costs have been on the rise in India, and it is becoming increasingly difficult for people to afford quality healthcare services. Health insurance in Indiahelps people get access to quality healthcare without having to bear the high costs associated with it.

Introduction of a Wide Range of Products that Offer Different Kinds of Health Covers, Many of Which Can Be Customized for Customers

Another reason for the growth of the health insurance in India is the introduction of a wide range of products that offer different kinds of health covers, many of which can be customized for customers. This has made it easier for people to choose a plan that suits their specific healthcare needs and financial constraints. You can opt for an individual health insurance or a family health insurance in India as per you needs.

Availability of Customized Products for Senior Citizens and Young Children with Limited Waiting Period

The availability of customized products like senior citizen health insurance and health insurance for young children with limited waiting periods has also contributed to the growth of the health insurance sector in India. These products are designed to cater to the specific healthcare needs of these groups and provide them with timely access to quality healthcare services.

Restraining Factors for Growth of Health Insurance in India

While there are many driving factors for the demand of health insurance in India, there are also some restraining factors that are preventing it from reaching its full potential. These include the lack of awareness among people in small towns, the lack of healthcare infrastructure in rural India, and high loss ratios in the insurance sector, especially in group health insurance plans.

Private Players Making their Mark in the Health Insurance Sector

The government of India has launched many new healthcare provisions like Ayushman Bharat Yojna, but there has been a substantial growth in private health insurance as compared to public companies. More and more private sector companies are now entering the health insurance market and providing quality and sophisticated treatment to their customers. They are providing comprehensive and customized health insurance policies as compared to public health insurance providers.

The inflow of huge amounts of funds and substantial foreign investments are encouraging more and more private players to enter the health insurance industry in India. HDFC ERGO, for instance, one of the top health insurance companies in India, offers a wide array of insurance policies catering to people of different age groups and income levels.

The insurance policies at HDFC ERGO are not only designed to provide coverage when you are admitted in the hospital but also to ensure you get regular health-checkups and stay healthy in the future. So, make sure your health insurance from one of the top health insurance companies in India.

Key Features of HDFC ERGO Insurance Plans

HDFC ERGO's insurance plans offer several unique features that make them stand out in the market. Some of these key features include:

No Room Rent Capping

Most medical insurance plans put a cap on room rent, making it difficult for people to seek treatment in the private hospital of their choice. HDFC ERGO does not have any limit on room rent spending, allowing people to enjoy all the comforts they want in the room of their choice.

Sum Insured Rebound

When people have exhausted the value of total sum insured, HDFC ERGO's sum insured rebound feature provides additional sum insured up to the base sum insured once the original sum insured value is exceeded.

Conclusion

In today's lifestyle scenarios, having a health insurance plan is essential. It is great news that Indians are generally becoming aware of the importance of having proper healthcare. With so many companies offering a multitude of products, you have an array of options to choose from. If you haven’t purchased your health insurance, now is better than ever. Make you sure you buy after carefully examining the features of health insurance of different companies, so that you choose the best health insurance in India.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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