The health insurance market in India is not a new concept but it’s only in the recent years that it has grown in terms of its popularity, flexibility and the benefits offered. To understand this phenomenon, here is the health insurance details pertaining to the Indian scenario.
In India, only about 10% are health insurance policyholders. It’s because most Indians are not fully aware of the health insurance details – what does it cover, how it works, why and when it’s needed etc. A majority believe that the health insurance marketplace is only for the aged or once you get sick but this is absolutely a misconception which is finally being debunked, thanks to the internet and the current generation is better informed.
Also, with a sedentary and stressful lifestyle becoming a norm, a condition that drastically increases the risk of diabetes, cholesterol issues, heart diseases, obesity even in youngsters and children – the relevance, the need and the demand for health insurance policies are only increasing among young professionals and new families.
With the IRDA (Insurance Regulatory and Development Authority) relaxing its rules with regards to allowing insurance companies to withdraw policies in their pilot stages, the health insurance market in India is becoming freer with experimentation. This means more options and benefits for customers to choose from.
The strategy of lifelong renewals and the ease and convenience that E-Insurance and online transactions bring are only making health insurance policies more accessible, attractive, desirable and effective.
Moreover, in order to reverse the typical mentality that a health insurance is only an added expenditure, reputed health insurance companies like ManipalCigna are transforming the structure of health insurance policies from mere savings and protection options to full-fledged health management plans and healthcare schemes. ManipalCigna offers not only flexible premium options, but also gives you bonuses for every year you don’t make a claim; bonuses for improving your health; a comparatively wider coverage of pre-existing illnesses; facility to make claims from any part of the world; etc.