Page 25 - Insurance Times December 2018

ARE RECENT HEALTH

INSURANCE

PRODUCT

INNOVATIONS

NECESSARILY GOOD?

Introduction or NHPS, touted as world's largest healthcare programme
aims to insure 40% of the population, providing coverage
Health insurance business, is today perhaps the most rapidly
in respect of all pre-existing diseases with portability across
growing segment in the Indian non- life insurance market,
possibly after crop insurance. The reasons are many; all States and Union Territories.
foremost being rising treatment costs in secondary and
tertiary hospitals. Increasing number of insurance PM Modi's focus on health insurance can take health
companies selling health insurance products and aggressive insurance to every household - which so far was restricted
to only the urban upper middle class and those in the formal
marketing by the private players has further popularised
service industry. This announcement has, in all probability not
health insurance products.
only resulted in increased awareness on health insurance but
has, obviously also raised the expectations of the masses
Further, mass health insurance schemes by various State
manifold, from Insurers and the State.
Governments / Centre have played a vital role in
popularising health Insurance in India. Rashtriya Swasthya
Bima Yojana (RSBY) was an innovation with introduction of Innovations in Health Insurance
Smart Card and for the first time in India, there was a health These development will surely spur health insurance demand,
insurance scheme at national level. The recently launched and therefore the market potential for the insurance industry.
Ayushman Bharat - National Healthcare Protection Scheme The insurance industry will surely try to seize the opportunity,
with 'innovative' health insurance products. Insurers are
coming out with new products at a fast rate. Some notable
About the author
positive changes in Health Insurance are:
Rashi Yadav 1. Introduction of products providing coverage for
Deputy Manager Outpatient Treatment (OPD), which is usually an
The Oriental Insurance Co. Ltd, Delhi
exclusion in hospitalisation type (Indemnity) policies.

The Insurance Times, December 2018 25