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| INTRODUCTION OF HEALTH INSURANCE INDIA |
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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 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. |
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| 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. |
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| In 2001 with entry of various private Insurance companies now the customers have choice of buying this insurance from 14 Insurance companies. |
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| The Companies, which offer Health or Mediclaim Insurance, are; |
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- Apollo DKV Insurance Company Limited.
- Bajaj Allianz General Insurance Company Limited
- Bharti AXA General Insurance Company Limited
- Cholamandalam MS General Insurance Company Limited
- Future Generali India Insurance Company Limited
- HDFC Ergo Insurance Company Ltd.
- ICICI Lombard General Insurance Limited.
- IFFCO Tokio General Insurance Company Limited
- National Insurance Company Limited
- Reliance General Insurance Company Limited
- Royal Sundram Alliance Insurance Company Limite
- Star health and Allied Insurance Company Limited
- TATA AIG General Insurance Company Limited. (Overseas Health Insurance only)
- The New India Assurance Company Limited
- The Oriental Insurance Company Limited
- United India Insurance Company Limited
- Universal Sompo 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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| In the recent years the
trend has emerged that some Insurance companies have started calling this
product as Health 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 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. |
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