We
live in the world filled with uncertainties. Sometimes a seemingly small
ailment can turn into a major dent in our life. Within fraction of seconds your
life can come to a standstill if you’re involved in a major road traffic
accident. Situation can turn bad to worse if the earning member of your family
is hospitalized! Well the problems are many but the path is one to overcome
them. Buying a suitable health policy for you and your family will help you
overcome these problems and offer some security!
India
with a population of around 1.2 billion offers a huge potential in health
insurance market. To get rid of health worries health or medical insurance is
the answer. Many old citizens of which one of them must be your parents have
worked hard all their lives and contributed to the development of the nation
and the community. Mostly ignored and sometimes shunned by the younger
community but there is much to learn from them. Some continue to be productive
and work in various capacities. Most organizations and universities entertain
this skilled manpower up to the age of 65 to 70 years.
There
are over 35 insurance companies comprising both life and non-life insurers
(general insurance) sectors. Health care costs have risen considerably during
the past few years. It has gone beyond the reach of common man thus making more
sense to buy health insurance policies. Poor quality of service is rendered to
the citizen by government hospitals while private medicare has become highly
expensive. Therefore, it is mandatory for a middle class person to seriously
consider the option of health insurance. Today, a major surgical operation of
the heart may cost anywhere between two to three lakhs. Not many individuals
can afford to spend out this amount in a short and sudden situation. Even if
they have insurance that is reimbursable under their Mediclaim plans the strain
on the family can be immense. The option of cashless hospitalization becomes
attractive under these circumstances.
Health
insurance is an agreement between two
parties i.e. insured and insurer under which insurer agrees to pay for medical
treatment in case of any health issue for a fixed sum which is paid by insured
to the insurer. Health insurance policies are provided by almost every
insurance company and it can be bought through various methods. It can be
bought through traditional channels through agents else it can be bought online
via internet.
The
entry of private players has stirred fierce competition amongst the companies,
ultimately benefiting the consumers who are offered with better coverage and
facilities. The arrival of foreign and private players into the life and
general insurance sector has directly resulted in the huge development of
insurance market including significant increase in medi-claim insurances. With
massive Indian middle-class section, India looks promising and attractive for
business opportunities to international players in this field.
The
insurance business professionals strongly say that the limitless Indian medical
insurance market has not been fully tapped so far due to lack of awareness
among the public about the importance of health policy. Also there is lack of
rightly targeted policies from the companies. An appropriate policy and
cohesive approach will rope in more than few million customers into the health insurance
segment.
Thanks Nishant for sharing this informative blog it seems very helpful but can you please brief me about general insurance plans.
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