Medical Insurance in India is Touching New Heights
As medical costs are rising at a fast rate, medical insurance allows people the opportunity to pay the bills and stabilize their finances. With trends in health insurance in India changing fast, the insurance sector is growing rapidly.
Medical insurance is a much talked about topic in the Indian insurance market. The industry is able to target the residents and highlight the importance of buying a health plan. With rising health issues and inflation, people have realized why buying a suitable medical insurance is the need of the hour. The Indian insurance companies are taking all efforts to introduce various insurance products to suit the needs of buyers. Increase in life expectancy, higher reach of medical insurance, higher income levels and growing lifestyle-related illnesses resulted in rise of the Indian insurance industry. With a 12% cumulative growth every year, since 2008, the industry is all set for massive growth. It is expected that by 2020, the insurance sector will do business of Rs.12, 60,000 crore.
Initiatives taken by insurance companies for growth
The insurance companies are doing their best to provide required medical assistance to Indians. The medical insurance providers and their services are appreciated by the buyers. A lot is being contributed by the government insurance enterprises and private insurance companies by creating better insurance opportunities for the buyers.
Rise of the health insurance sector
As of now, the Indian insurance sector is worth Rs.15, 000 crore and is rising faster every year. As far as health insurance is concerned, the sector is growing at a rate of 20% and is expected to do record business till 2020. The health insurance market is growing at the same speed as the software or pharmaceutical sectors. The Indian insurance market has a capacity to be the main engine of the country, thanks to growing investments from foreign companies. More foreign companies are expected to invest in the Indian insurance market, in the coming five years.
The route ahead
Thanks to the changing trends in insurance products and services, the Indian insurance sector is already flourishing. With an increased awareness, the middle class is investing in health insurance policies with an aim to secure their futures. As higher income groups find it simple to spend on health care insurance policies, there is a lot being offered to the middle class by the insurance companies to suit their health security needs.
The Indian government too is contributing on a large scale by introducing excellent health and medical policies to meet the needs of residents. With the availability of infrastructure, technology and advanced medical equipment in the hospitals and clinics, availing treatment for any illnesses is not a big deal. The insurance policies play their part by assisting people in paying the hospital bills, ambulance cost, doctor’s fees, cost of diagnosis and medical bills in case of any emergency. Buying any medical insurance online is further simplified.