Health care costs in India have registered a steep rise in last decade. This phenomenon along with increasing awareness about health issues have resulted in people opting for health insurance policies. Taking health insurance policies ensures safety and less hassles during the times of unexpected medical expenses and other health related problems. Other benefit will accrue during old age or post-retirement period when chances of health care expenses increases significantly.
Since the opening up of insurance industry for private players took place, the number of companies in this sector has increased substantially. Emergence of private players has ensured more competition which ultimately results into more benefits for customers. Economic growth and development of India has also given rise to burgeoning middle class population with increased income.
This segment gives a wonderful opportunity to insurance companies in terms of health insurance possibilities. There are many large corporate houses who have invested huge sums of money in this rising industry. Considering India’s inadequate insurance penetration, the scope for future expansion and growth is huge. Realizing this fact, many companies catering to banking and financial industry has made rapid strides in insurance field.
There are several companies in India which offer health care insurance. The list includes,
- ICICI Loambard
- Bajaj Allianz
- HSBC
- Tata AIG
- United India Insurance
- New India Assurance
- AG Health Insurance Company
- Royal Sundaram
- National Insurance Company
- Star Allied Health Insurance
- Cholamandalam DBS
All of these companies are recognized by Insurance Regulatory Development Authority (IRDA). To meet the requirements of customers, companies are coming up with many attractive offers the result of which can be seen in stupendous increase in number of medi-claim policies. The year 2009 will also witness portability option for customers using which customers can transfer their insurance policies to different company. This will ensure companies offering even better services and plans to retain their existing customers and to acquire new customers.