Evolution of a new phase in the Health Insurance Industry in India

Posted by Digital on June 27th, 2018

It can be rightly said that the Indian economy is gradually witnessing the evolution of a new phase where new offers and products are offered every day. The digitalization and the emergence of the technical alternatives in this sector has enabled the professionals to enhance the overall outreach of this sector and incorporate the strategies that can overall ameliorate the functioning of the insurance sector in India.

Surveys suggest that less than 20% of the Indian population is covered in any form of health insurance which means that this sector has a huge potential of growth and there is a lot of scope for the insurance professionals to explore.

The rate at which the cost of medical services is increasing, it will very soon cross the limit that an average family can bear from their savings. The government keeps on launching new and easy policies for the common people but due to the lack of communication channel and awareness in the people, these policies and their benefits do not reach out to the common people and stay limited to a certain audience.

The present government of India has announced a new policy which is called as national health insurance protection scheme and this includes a more than three times higher amount as the limit in health insurance. This scheme is customized so as to benefit the poor section of the society as well. A lot is expected from this national health protection scheme and it is also assumed that this will significantly boost the entire insurance sector in the Indian economy.

The Modi government has also emphasized on the outsourcing of this sector to the private healthcare institution. India offers one the best environments and infrastructure for the incorporation of private ownership and this association can also largely define the future of this sector in the Indian market. It is an undeniable truth that the role of IRDA will be extremely crucial in this amalgamation.

IRDA is solely responsible for the supervision of this entire sector in India and hence, the body has to encourage numerous organizations to work together for the poor society and the rural areas as well. This can be achieved through the mutual involvement of the private bodies as well.

The future of health insurance in India is also dependent on the level of awareness we are able to generate in the rural section of the society where the rate of people covered under any health insurance is very low. It is the duty of each one of us to reassure that we work together to make people aware of the benefits an insurance policy can offer to them.

Medimanage health insurance has numerous plans and policies for all the sections of the society and the policies are built by considering the real-life situation and expectations of all the people from different classes. The support panel at Medimanage strives to serve the clients and assist them in all the impediments faced.