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Health Insurance In India- What Has Changed And Why?

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January 02, 2019
 

In the developmental age of today, India is poised to emerge as a global player and by the sheer bulk of the Indian market, many trends have already started to emerge. The rising financial literacy levels in India and the increasing consciousness about financial protection and future savings has already impacted the perspectives here and the trend is expected to continue in the near future. Earlier, the healthcare industry in India was lagging behind the global benchmarks due to a variety of reasons. The vast majority of Indian population, especially in the rural areas was not duly aware about the importance of the link between healthcare and financial security. For decades, owing to the limited or nil participation of private insurers and the limited outreach to the general masses, healthcare remained a passive industry. However, when the government allowed the introduction and growth of private insurers in the early 2000s, a developmental trend towards tapping of this huge industry was set firmly in place and the possibility of the present day business parameters was defined.

For any kind of financial corpus to be built and for it be utilized towards the fulfillment of the various short term or long term goals, ensuring that the corpus remains cushioned during any unforeseen circumstances is very essential. Merely investing in a term plan or a life insurance endowment plan is not enough as the ultimate goal of financial security requires an essentially diverse and wide-coverage insurance portfolio. This can be better understood with the help of an example. Consider a working professional, who has saved over the years and has built a fund for the purpose of his child's education. Consider that this person has opted for a specific term insurance coverage but no health insurance cover. If, due to any unfortunate circumstance, this person is diagnosed with a disease that requires extensive treatment and hospitalization. Now, the term plan does not offer any coverage and consequently, the hard-earned monetary fund that was intended for the child's education has to be spent towards the treatment costs etc. While some may contend that a term plan or an endowment plan may have the riders for covering such an occurrence. However, it must be kept in mind that such a rider comes in addition to the main plan benefits and as such has a direct impact on the payable premiums.

Now considering the above mentioned example, let us say that this person was under the coverage of a separate health insurance plan in addition to the life cover plan. The health insurance plan would have been sufficient to cover for the treatment, as well the additional costs involved, as per the features of the plan. The fund, intended for the child's education could be retained in whole and thus, the security of monetary health could be ensured. Therefore, it is imperative to purchase a health insurance policy and protect your family's financial future in the event of any health-related contingency.

HDFC Life offers several health insurance plans that are aimed at protecting your and your family's financial reserves in the event of any health-related emergency and serve to act as a safeguard for your funds. For details, click on the mentioned link: https://www.hdfclife.com/health-insurance-plans.

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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