1- Introduction of Health Insurance Policies |
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Family Floater (for families) health insurance and mediclaim |
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Health Insurance and Mediclaim for individuals |
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Health Insurance and Mediclaim for Senior Citizens |
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Overseas Travel Insurance |
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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. |
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According to recent news report health insurance continues to be the fastest growing segment with annual growth rate of 20% to 25%. Health Premium has risen to Rs. 73,051 crores in 2021-22. In year ending March 2023 it is expected to touch Rs. 86,378 crores. As per the recent reports from various agencies the health sector has the potential to become a Rs. 2,50,000 crore industry by 2028. Estimates of leading Chambers of Commerce as well NGO Insurance Foundation of India also confirm these estimates. |
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In 2001 with entry of various private Insurance companies now the customers have choice of buying this insurance from 29 Insurance companies. |
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The Companies in India, which offer Health or Mediclaim Insurance are: |
- Acko General Insurance Limited
- Aditya Birla Health Insurance Company Limited
- Bajaj Allianz General Insurance Company Limited
- Care Health Insurance Company Limited
- Cholamandalam MS General Insurance Company Limited
- Future Generali India Insurance Company Limited
- Go Digit General Insurance Limited
- HDFC ERGO General Insurance Company Limited
- ICICI Lombard General Insurance Company Limited
- IFFCO Tokio General Insurance Company Limited
- Kotak General Insurance Company Limited
- Liberty General Insurance Company Limited
- Magma HDI General Insurance Company Limited
- ManipalCigna Health Insurance Company Limited
- National Insurance Company Limited
- Navi General Insurance Limited
- Niva Bupa Health Insurance Company Limited
- Raheja QBE General Insurance Co. Ltd.
- Reliance General Insurance Company Limited
- Royal Sundaram General Insurance Company Limited
- SBI General Insurance Company Limited
- Shriram General Insurance Company Limited
- Star Health and Allied Insurance Company Limited
- Tata AIG General Insurance Company Limited
- The New India Assurance Company Limited
- The Oriental Insurance Company Limited
- United India Insurance Company Limited
- Universal Sompo General Insurance Company Limited
- Zuno General Insurance Co. Ltd. (formerly known as Edelweiss General Insurance Company Limited)
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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? |
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Since 2002 the trend has emerged that some Insurance companies have started calling this product as Health Insurance and in 2023 we find it is the common nomenclature for this insurance. |
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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. |
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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. |
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According to sources in Oriental insurance it is being felt that mindset has started changing over the last couple of years “ The new middle- class of India aspires for quality healthcare service and doesn’t mind going to expensive hospitals like Apollo or Escorts. There is no reason why healthcare insurance should not be successful with this class. |