Health Insurance in India – A Growing Market
Health Insurance has gained a lot of limelight in recent times. With the world battling the pandemic of COVID-19, many people are considering buying a health insurance policy for themselves, if they haven’t already. People in India have just started to become aware of the relevance of health insurance and the various benefits that it comes with. Even insurance companies are coming up with innovative best health insurance plans that may help them expand their customer base. You can say that health insurance is an emerging market in our country.
Buying health insurance is a smart way of staying prepared for any unforeseen medical emergencies. It is no news that healthcare can get extremely expensive in India. It has the capacity to drain all your life’s savings if the treatment of an illness is long-term or simply costly. Moreover, health emergencies come without a warning. In a situation of emergency, receiving the required treatment is crucial and that can’t be done if you do not have the money to pay the hospital bills.
This is precisely the reason why everyone should be covered under best health insurance plans. Health insurance secures you against any unforeseen medical exigencies that can lead to major monetary losses. No matter how healthy you are, having the best health insurance in India by your side can be one of the most financially sound decisions you may take in your lifetime. Besides, you can always make use of the annual health check-ups and tax benefits that you get along with your health policy.
Health Insurance Promotes Better Health Conditions
Health insurance is still at a growing stage in India. In fact, it has shown emerging trends in the past few years. Health insurance providers are able to promote better healthcare conditions for people by offering them protection from a variety of health emergencies. If you have health insurance, you will be able to get quality treatment at the right time and will not be worried about paying the medical bills during a medical exigency.
Still, many people in India don’t have health insurance and are missing out on its benefits. As per a report published by EY, India has an enormous population of uninsured people with a health insurance penetration rate of about 20% only. India is one of the largest out-of-pocket spenders in the world when it comes to healthcare. Very few middle-class people, for whom health insurance can work as a blessing, have a health insurance cover to secure them from any health emergencies.
People without a health insurance policy are the ones who end up compromising on their treatment at the time of a health emergency due to lack of money. Inferior quality treatment affects your health in the long term. There are more chances of your illness to make a comeback later because of not receiving the required treatment at the first time.
Bouquet of Health Insurance Plans in India
Today customer is the king, at least in the health insurance sector. Insurance companies are competing against each other to provide the most beneficial health insurance plans in India. They have been working relentlessly to attract more and more customers by introducing the best health insurance in India. They are developing products that cover a variety of healthcare needs of people of different ages. Not only are they focusing on providing comprehensive coverage but are also offering them at affordable premium rates.
It is possible today to choose the best health insurance in India as per your health requirements and budget. Health insurance providers have enabled people to decide the scope of their policy coverage keeping their budget in mind. Moreover, you have the freedom to opt for personal accident insurance that protects you in case you meet with an accident. Even while travelling within India or abroad, you can stay covered from any unforeseen medical emergency by purchasing travel insurance for your trip.
First Analyze, Then Buy
In order to cater to the varied needs of all kinds of people, health insurance companies are continuously working towards developing new health insurance plans in India. But before you buy the best health insurance in India, it is important to clearly understand the various features of health policy. The benefits of health insurance can be maximised or reduced based on the sum insured, plan type, co-payment, exclusions, deductibles, etc. You can also opt for riders, such as critical illness, maternity cover, room rent waiver, etc. to enhance your policy protection. Therefore, it is important to keep these factors in mind before you decide on the health policy that you want to buy for yourself and your loved ones.
Moreover, you can always customize a health insurance plan to meet your healthcare needs. Insurance companies allow policy buyers to add or delete any covers or riders to customize their policy coverage. Health insurers are studying the demands of their customers as well as using artificial intelligence to develop products as per the requirements of people at large.
The decision of choosing a health insurance plan is an important one. Therefore, it is important to carefully go through the terms and conditions of a health insurance plan before choosing one. Only when you have carefully understood the various aspects of a health insurance plan, you will be to reap in the benefits of the policy that you buy.
India is Becoming a Health Conscious Nation
Although a major section of the India population is still without a health policy, the growing awareness on leading a healthy life is a major contributor to the emerging trends of the health insurance market in India over the last few years. People are trying to eat right and stay active to maintain a healthy lifestyle. With the growing health consciousness among the people, health insurance is emerging as a preferred choice to manage the financial needs of people availing medical treatment.
Several attempts are being made to attract more people to buy the best insurance policies for themselves. Recently, the IRDAI or Insurance Regulatory and Development Authority of India launched Arogya Sanjeevani policy to curb all confusion in the minds of health insurance buyers and enable them to get a large variety of health coverage under one policy. This standard health insurance policy is a boon for first-time buyers of health insurance plans in India and is offered by all health insurance providers in India with the exact same benefits.
The Final Word
Staying healthy is good but buying health insurance is a wise investment. It is always better to take precaution than be sorry later and health insurance works on this principle. The increasing medical inflation rate in India can be tackled only using a health policy. With the introduction of so many health insurance plans in India targeting people of different ages, including senior citizens, the health insurance sector is bound to multiply in the future.