subject: Health Insurance Plans In India- A Summary [print this page] The history of health insurance in India
During the mid-80s the government owned hospitals in India offered free treatment to the patients. Later many private players came up with their medical services. The arrival of private medical care led to the spread of awareness of the necessity and seriousness of health insurance. Health insurance in India gained momentum as many health insurance companies introduced their customized products for the residents. Companies like New India Assurance, Oriental Insurance, United Insurance and National Insurance spread the importance of buying a health plan. Since the 80s till today, health insurance industry in India has been amongst one of the fast growing industries.
Since the establishment of Oriental Life Insurance Company, the Indian health insurance sector progressed from just being a competitive market to a national market. It was in 1999 when the Indian government allowed private players to introduce their health care products for Indians. With lot of international insurers coming to India, the segment is growing at a fast rate.
The future of health insurance in India
With a yearly growth rate of 55%, the health insurance sector grew fast during the late 19th century. Currently it is growing at a pace of 32% to 34% on an annual basis and is all set to break records in coming years. It is expected that till 2020, the health care industry in India will become a US $280 billion industry. Improvement in the per capita income is one of the major factors for rise of the healthcare insurance sector. Today people consider buying a healthcare policy as their priority and not a luxury. Thanks to inflation and constant rise in cost of medical services, people should buy a suitable health insurance policy at an earliest.
Not just for self, but for the families too, different health care policies are made available by the private healthcare players. Growing elderly population, changing demographics, increase in lifestyle diseases and health issues, changes in lifestyles and inflation have led to an increase in healthcare spending. More and more people have increased their spending capacity on health insurance plans to secure their health and the health of their family members.
Health insurance now has become more of an investment, rather than being just an insurance policy. It is priceless to invest in health insurance plans that suit your life requirements. Curative medical care is now being termed as preventive medical care. With a sure growth potential in near future, this sector is welcoming new health insurance players. As per estimates by the experts, the premiums for health insurance policies are all set to rise at a CAGR, compound annual growth rate of 25% for the period 2009-10 to 2013-14. Currently only a small percentage of Indians have availed a healthcare policy. With this, there is a high growth scope for the healthcare sector.
by: Chris L
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