INSURANCE INDUSTRY IN INDIA

INTRODUCTION
Insurance is an agreement where the insurer agrees to make good a loss
suffered by the insured against a specific risk, in consideration for some specified
amount. The insurer is generally an insurance company that pools all the risks of
many such insured entities and provides insurance on the basis of probability. By
pooling many such risks, insurance companies convert the uncertainty of
individual loss into predictable expense. The insured has to forgo a part of amount
of money periodically in return for the assurance given by the insurer against any
risk of loss. Insurance provides a sense of security for the insured that will allow
him to perform normal business.
The activity of insurance as a financial service can never be under-
emphasized. Insurance companies play an important role in the financial system all
over the world. Insurance companies hold substantial amount of assets and are
capable of transferring funds quickly from one sector of the economy to another. In
India, apart from being perceived as a typical ’insurer’ for covering risk of loss,
insurance is seen as a viable and safe investment alternative. Adequate tax breaks
are also provided for the cause of furthering the attitude of saving through
insurance in the general public.
Life insurance has been in existence in India since 1818, but it was only in
1956 that all 245 insurance companies were merged and nationalized to form the
Life lnsurance Corporation of India. Some companies that offered general
insurance as their main business were merged to form the General Insurance
Corporation of India in 1972. General Insurance Corporation and four subsidiaries
viz., National Insurance Company Ltd., New India Assurance Ltd., Oriental
Insurance Company Ltd and United India Insurance Company., offered general
insurance business in India. These four subsidiaries were later delinked from GIC
and started functioning as independent general insurance companies. The GIC was
converted into an into an exclusive reinsurance company. The Insurance
Regulatory Authority was set up in 1992 as a regulator of insurance companies in
India taking over from the ministry of finance. This authority is intended to
oversee smooth entry of private operators into the insurance industry and regulate
the insurance schemes floated by the players. Private players, most of them having
tie ups with foreign insurance giants are actively entering the market both in the
life and general insurance sectors.
GOVERNMENT REGULATION FOR IMPROVING
INSURANCE INDUSTRY
Insurance in India started as life insurance back in 1818, when it was introduced
for English Widows. Even till the end of the nineteenth century, Insurance
Companies in India were mainly the overseas companies investing in the insurance
works in India. An interesting fact here was that higher premiums were charged for
Indian lives, as they were considered riskier for insurance cover.

The Indian Government took various steps for the regulation of insurance in
India by passing various insurance laws and acts. These include:

Life Insurance Companies Act, 1912

Provident Fund Act 1912
Insurance Act of 1938
Life Insurance Corporation Act, 1956
General Insurance Business (nationalization) Act, 1972
Insurance Regulatory and Development Authority (IRDA) Act, 1999

In 1972, the General Insurance Company was nationalized with four main
subsidiaries National Insurance Company, New India Insurance Company,
Oriental Insurance Company and United India Insurance Company.

Today Insurance Companies in India have grown manifold. The insurance sector in
India has shown immense growth potential. Even today a giant share of Indian
population nearly 80% is not under life insurance coverage, let alone health and
non-life insurance policies. This clearly indicates the potential for insurance
companies to grow their market in India.
 TYPES OF INSURANCE

MOTOR INSURANCE

This includes automobile, truck, motorcycle, aircraft, boat, or any other form
of motorized transportation. It is perhaps the most common type of
insurance, and is required by law in many countries.

Motor insurance covers the insured party against financial loss that he may
incur to repair his vehicle or a third party’s in the event of an accident. In
return for annual or semi-annual premiums, the insurance company is bound
to pay any losses as described in the policy. Such a policy may include
property, liability or third party, and medical coverage.

Property coverage insures damage to or theft of a vehicle; liability covers

bodily injury or property damage that may occur as a result of the insured’s
actions, and medical coverage pays any fees necessary for bodily injuries,
rehabilitation and in some cases foregone wages and funeral costs.

In many countries, all of these types of automobile insurance are required of

vehicle owners. In some countries, or states, only third party is required.
However, in the case of new vehicles, any banks which may be financing the
vehicle may require full insurance as a condition of financing.

If you have a larger vehicle, take a look at Autonet Van Insurance.

HEALTH INSURANCE

Most developed nations have government-funded health care which means

that most or all citizens have access to medical facilities and treatment, as
well as health insurance.

For example, the National health Service (NHS) in the United Kingdom
pays for citizens’ medical needs. However, in the US, there is no
government-funded health policy - whether for insurance or treatment. As a
result, US citizens and residents must be insured or risk facing astronomical
medical bills, garnishing of wages, and bankruptcy. Often, medical
insurance (both health and dental) is included in employee benefit packages
in the US and other countries. Nevertheless, the issue of affordable health
insurance and treatment in the US is one of the most controversial and
heated topics, as many cannot afford either. If you live in a country without
comprehensive national health care, then low cost health insurance is a vital
requirement.

DISABILITY INSURANCE

This form of insurance protects workers from injuries and illnesses which
prevent them from doing their jobs. It can pay for existing commitments the
policyholders may have such as outstanding bills, mortgages, utilities, and
more.

Workers’ compensation is common in the US, and pays a worker his wages
and medical expenses in the event of an injury on the job.

Permanent disability which prevents a worker from ever working again is

covered by total permanent disability insurance. This provides the disabled
employee with benefits for the rest of his or her life, or according to the
terms specified in the policy. Companies can purchase a similar type of
insurance, called, disability overhead insurance. This pays for ongoing
overhead costs of a business while the owners are not able to work.

A Catastrophic Health Insurance plan, also known as a high deductible

health plan, is good to have for those who prefer to pay lower monthly
premiums. If your plan is eligible for a Health Savings Account, you can use
those funds to pay the deductible and out-of-pocket expenses which saves
you money in the long run.

PROPERTY INSURANCE

This type of insurance typically covers things like homes, machinery, crops,
valuable goods, shipped cargo, rented property (homes or apartments), and
more. It can cover damages as a result of various activities including acts of
God (earthquakes, floods, storms, hurricanes, etc), vandalism, terrorism,
fraud, and more.
LIABILITY INSURANCE

This covers negligent acts of an insured party with reference to a vehicle or a

home. It protects the insured against legal claims and indemnification.

There are various types of liability insurance such as professional indemnity

insurance Environmental liability insurance and Prize indemnity insurance.

Professional indemnity insurance protects employees from malpractice suits

(as in the medical profession), errors and omissions (by appraisers, home
inspectors, realtors, insurance agents, notaries, and others), and other acts of
unintentional workplace negligence.

CREDIT INSURANCE

This is taken by lenders who need coverage against the people that have
credit with them (borrow money). In the event of their inability to pay it
back (usually due to unemployment, disability, or death), this insurance
protects the lender.

There are many other kinds of insurance, and even each of the major
categories mentioned above has dozens of variations and types. They differ
depending on the markets, the understanding of risk and availability of
historical data, government regulation and law, cultural perceptions and
expectations, and more.

TRAVEL INSURANCE

Travel insurance covers financial losses caused by trips abroad. Depending

on the policy in question, in may cover lost luggage, theft of personal
possessions, medical costs and delayed flights. The internet has become an
extremely popular means to find cheap holiday insurance.
 HEALTH INSURANCE
Health insurance is an agreement made between a person and an insurance
company. The person, or the insured, must pay a regular fee (called a premium) to
the insurance company. In return, the insurance company will pay all or (usually)
some medical expenses needed when the insured becomes injured, ill, or otherwise
hospitalized

Health insurance is critical, especially to those living in areas where the costs of
hospitalization are high. Most developed nations offer government subsidized
medical care, which makes it less critical to have health insurance.

In the US, however, medical care is exteremly expensive, and is not paid for by the
government. Therefore, it is wise for all Americans living in the US to have good
health insurance policies.

Health insurance can be bought on an individual basis or on a group basis. Health

insurance bought on a group structure usually is through an employer, as many
employers provide health insurance coverage to their employees. And this is now
becoming a big problem for Americans, with unemployment running so high; if
you lose your job, not only do you lose your income - you are often also left
without health coverage as well.

Double Trouble : Losing Your Job and Health Insurance

Losing your job and becoming unemployed in any economy is never easy. For
many people, in fact for most people, losing your job also means losing your health
insurance coverage. The effect on the family can be devastating. Not only has an
income been lost, but replacing the health insurance coverage for the family
without an income as a double negative effect. As job losses continue to mount, the
number of people who find themselves in this situation is staggering.

While the debate on healthcare reform continues to rage on, relief for those
affected and who fall victim to the health care crisis, won't be coming anytime
soon. People who are affected by this crisis need to be proactive about securing
health insurance for themselves and for their families. There are some short-term
strategies that you can apply if you find yourself in this situation.
The ideal situation if indeed you lost your health insurance, would be to be added
to your spouses, health insurance policy. That being said, this option is not
available to everyone. Your second option would be to enroll in COBRA.

COBRA
The Consolidated Omnibus Budget Reconciliation Act is a federal law that was
passed in 1986 to require companies with 20 or more employees to continue
offering health insurance at group rates to former employees and their family
members. The coverage can be extended to 18 months from the time you leave
your job. If the company that you were employed by goes out of business, they are
not required to provide COBRA coverage. Finally your third option is to search for
an insurance policy on your own.

For many people the cost of continuing coverage through COBRA is prohibitive.
Employers generally pay a percentage of the cost of family health coverage for
their employees. If you lose your job, you are on the hook for the full amount.
Since you just lost your job and your income being able to afford COBRA, isn't
really an option.

Even the most disciplined of persons, who saved money for the rainy day that they
are now experiencing, this is difficult. Health insurance premiums can quickly
wipe out an emergency fund long before you either find another job or the 18
months that you can qualify for COBRA expires.

One of the benefits of COBRA is that you can be rejected because of your health.
So for those with pre-existing medical conditions COBRA becomes the best
option, because affordable health insurance coverage is generally not readily
available for pre-existing conditions. The key is affordable health insurance
coverage. There are many insurance companies who will cover pre-existing
conditions if you are willing to pay exorbitant premiums and accept exclusions in
your policy.

As for the second option of being added to a spouses health insurance plan, this is a
great way to deal with the loss of your health coverage. However, not everyone is
fortunate enough to have an option of choosing between two health insurance
policies. However, if you do have an option like this, you would do well to take
advantage.
The third option of shopping for individual policy on your own is the scenario
most people have to deal with. Affordable health insurance coverage is as difficult
to find as any insurance coverage on the market. Again you are dealing with no
income and potentially creating another family budget expense. The key to finding
affordable coverage is diligence in your shopping.

If you are healthy and young you should not have any trouble finding health
coverage. If you are older and have pre-existing conditions, you may be forced to
reduce coverage in order to afford the premium. If you are rejected by private
insurers most states offer high-risk pools. Again, the premiums for such coverage
will not be inexpensive.

Choose from a list of health insurance companies that provide coverage in your
area. Decide whether you want to shop for the coverage on your own or to employ
the services of an insurance broker. An insurance broker generally represents
several companies and knows the markets and what is available in the way of
insurance coverage. Insurance brokers are very helpful in this regard. Essentially
you can let the insurance broker do all the work and all that would be left for you is
to choose a company based on your needs.

Shopping for health insurance coverage online has made it somewhat easier for
individuals to compare and choose the best policies for their families. She gets a
health insurance coverage that you are trying to buy is a stopgap type coverage
until you get another job, you may consider getting health coverage that will pay
for catastrophic illnesses. The more expenses that you are able to pay for out-of-
pocket, the less premium you can expect to pay for health coverage.

As you can see the victims of job loss sometimes suffer double trouble, losing their
health insurance coverage as well. These will be most stressful times for you and
your family. In the United States it is estimated that 25 million people are without
health insurance coverage. That number is more or less depending on whom you
obtain your data from. The remedy for seems to be sometime in the future. Until
then, individuals will have to be diligent, frugal, and creative to find affordable
health insurance quotes or coverage for themselves and their families.
COMPANIES WHICH PROVIDE HEALTH INSURANCE PLAN IN INDIA

Apollo DKV Insurance Company Ltd.

Aviva Life Insurance
Bajaj Allianz General Insurance Co. Ltd.
Birla Sun Life Insurance E-Meditek Solutions Limited
Family Health Plan Limited
Health India-Bhaichand Amoluk Insurance Services Pvt. Ltd.
HSBC Health Insurance
ICICI Lombard General Insurance Co. Ltd.
Life Insurance Corporation Of India
Max New York Life Insurance
Med Assist India Ltd. MetLife India Assurance Company
National Insurance Company
Paramound Health Group Reliance Health
Royal Sundaram Alliance Insurance Company Limited
Star Health and Allied Insurance Company Limited
Tata AIG
The New India Assurance Co. Ltd.
United Healthcare
United India Insurance

TYPES OF HEALTH INSURANCE COVER

INDIVIDUAL MEDICLAIM :

The simplest form of health insurance is the Individual Mediclaim policy. It

covers the hospitalization expenses for an individual for up to the sum
assured limit. The insurance premium is dependent on the sum assured
value. Example: If you have 3 family members you can get an individual
cover of Rs 2 lacs each . In this case each of you are covered for 2 lacs , if 3
members face a need for hospitalization , all 3 of them can get expenses
recovered upto Rs 2 lacs . All the 3 policies are independent .

FAMILY FLOATER POLICY

Family Floater Policies are enhanced version of the mediclaim policy. The
sum assured value floats among the family members. i.e. each opted family
member comes under the policy, and it covers expenses for the entire family
 up to the sum assured limit. The premium for family floater plans is
typically less than that for separate insurance cover for each family member.
Example: In this case if suppose there are 3 family members, you can take a
Family floater policy for Rs 6 lacs in total . Now anyone can claim up to 6
lacs in expenses, but then the cover will go down by that much amount for
that year. So if one of the family member is hospitalized and the expenses
are 4.5 lacs . It will be paid and then the cover will be reduced to 1.5 lacs for
that particular year . Next year again it will start from fresh 6 lacs. Family
floater makes sense for a family because that way each one in family gets a
big cover and probability of more than 1 getting hospitalized in same year is
too low until and unless whole family is travelling together most of the times
in a year .

Unit Linked Health Plans

Taking the ULIP route, health insurance companies too have introduced Unit
Linked Health Plans. Such plans combine health insurance with investment
and pay back an amount at the end of the insurance term. The returns of
course are dependent on market performance. These plans are very new and
still in development phase . This is only recommended for people who can
handle market linked products like ULIP and ULPP. Clients that should buy
ULIPs .

For a number of reasons, it is advisable to steer clear of unit linked health

plans. The best way is to treat insurance purely as an expense. So if you are
single, opt for an Individual Mediclaim policy and if you have family, opt
for a Family Floater policy. The amount paid (by cheque or debit/ credit
card) for health insurance premium provide tax exemption under section
80D for a maximum of Rs.15,000.

REASON FOR HEALTH CARE

Today, health care cost is higher than other individual expenses and it is
continuously rising up. Therefore, it is very important to insure by health insurance
policy. There are greater chance of having high health care cost for upcoming
years and it is depends on illness, injury, hospitalization and other cost of treatment
in such condition.
Health insurance is very crucial in the current days to procure future health
insurance strategy. It pays for medical necessities like regular health check up,
urgent circumstances and operation cost. Other hand, unexpected hospital visits or
hospitalization can not be avoided and paying for such a bills with no delay, it
could finish saving.

Health insurance coverage is wide sometimes and covers almost all scenarios.
Company estimate cost of health insurance by medical history, average cost, age,
gender and health care inflation.

Health insurance is money save product and can be useful when any unexpected
situation takes place.

IDEAL COVER FOR HEALTH INSURANCE

As mentioned earlier, the cost of Health Insurance depends on the sum assured ,
age, current health condition and your previous medical history. Higher the sum
assured, higher the premium. So what is the ideal health insurance cover
requirement? There is no standard answer or thumb rule for this. If we agree that
health insurance is important, one has to look at his/ her own lifestyle, health
condition, age/ life stage, family history of illnesses and affordability. Keep in
mind that most insurance companies limit the sum assured to a maximum of 5
lakhs. Also note that many health insurance policies “provide additional benefits”
such as daily allowance, ambulance charges, etc. for hospitalization. Not only are
such “benefits” superfluous, they tend to drive the premiums higher. So it is best to
avoid such plans and stick to something basic and simple.

HEALTH INSURANCE PROVIDED BY EMPLOYER

Many employers provide health cover for their employees. Isn’t that sufficient?
Three aspects need to be considered in such a case – Is that cover sufficient? Is the
insurer good enough? What happens if you change your job? Health insurance is
provided as a perk to the employees. So it is important to understand the policy a
bit more in detail and to check for coverage. The best way is to ask the HR
Department for policy details. Get into details, what is covered, what is not
covered ? Many times Employees just think that they have health Insurance and are
just relaxed only to find later that it does not cover X and covers Y only up to a
limit . That can be a painful situation.
HEALTH INSURANCE FOR THE AGED

Till a few years back, health insurance companies were reluctant to provide cover
for the aged. But nowadays there are a lot of insurance companies providing
policies for the senior citizens. Insurance cover paid for a person of age 65 years
and above, can provide additional tax exemption of up to Rs.20,000. But keep in
mind that the premium rates are higher for senior citizens. For the employed,
another option is to approach the employer to negotiate with the official insurer to
provide an option for additional cover to parents. Since the volumes are high, the
insurer can provide such added cover at attractive premium rates.

Tax Exemption from Health Insurance Premiums

Sec 80D covers Health Insurance. You can get exemptions of

 Up to Rs. 15,000 paid for self + spouse + children.

 Up to Rs 15,000 paid for Parents (Rs 20,000 if parents are senior citizens)

So in total if you pay your health insurance and your parents health Insurance
premium, you can save up to maximum of 35,000.

Note: If you take Health Insurance riders with term Insurance like Critical Illness
cover, the extra premium paid for that will be actually be covered under Sec 80D,
not sec 80C . See tax rules

THIRD PARTY ADMINISTRATORS (TPA)

TPA stands for Third Party Administrator. TPA is a middleman between Insurer
and the Customer. Customer can directly deal with TPA at the time of claim and
TPA will help with all the process of claim settlement. A TPA is a specialized
health service provider rendering variety of services like networking with
hospitals, arranging for hospitalization and claim processing and settlement. The
concept of TPA has been introduced by the IRDA (Insurance Regulatory and
Development Authority of India) for the benefit of both the insured and the insurer.
While the insured is benefited by quicker & better health service, insurers are
benefited by reduction in their administrative costs, fraudulent claims and
ultimately bringing down the claim ratios. An insurance company can have more
than one TPA and a TPA can serve more than one insurance company. Some of the
services TPA provides are
  Maintain database of policyholders
 Issue of identity card to all policyholders
 Provide ambulance service
 Provide information to policyholders about hospitals.
 Check various investigations
 Provide Cashless service
 Process claims

HEALTH INSURANCE CLAIMS SETTLEMENT PROCESS

A bit on how health insurance claims processing works. In most cases, the
Insurance companies appoint a third part administrator (TPA) for claims
processing. That means once the health insurance policy is sold, the insurer passes
on the baton to the TPA. In case of a claim, the insured has to get in touch with the
TPA for all versification and formalities.

There are 2 ways by which health insurance claims are settled:

CASHLESS

For availing cashless treatment (only at authorized network hospitals), the TPA
has to be notified in advance (for planned hospitalization) or within the stipulated
time limits (for emergencies). The insurance desk at hospitals usually helps with all
paper work. The claim amount need to be approved by the TPA, and the hospital
settles the amount with the TPA/ Insurer. Typically there will be exclusions and
such amount will have to be settled directly at the hospital.

REIMBURSEMENT

Reimbursement facility can be availed at both the network and non-network

hospitals. Here the insured avails the treatment and settles the hospital bills directly
at the hospital. The insured can claim reimbursement for hospitalization by
submitting relevant bills/ documents for the claimed amount to the TPA.

The TPA mode of claims settling has its own problems. The TPA is incentivized to
limit insurance claims and they are not the one’s who sells the policy. There are
many cases where the insured had a tough time to claim for his hospital expenses.
So before taking health insurance it would be useful to check who the TPA is and
how good are they when it comes to claims processing. Internet search and a
friendly chat with the hospital staff can give you good insight on the insurer/ TPA.
There are also some health insurance providers who do not employ TPAs and does
claims settlement directly (this is called In-house TPA) .

THE PRODUCT I HAVE CHOSEN TO STUDY IN DETAIL IS MEDICLAIM

POLICY WHICH COMES UNDER HEALTH INSURANCE

MEDICLAIM
The term Medical insurance is commonly used to explain a appearance of cover
that pays for medical operating expense. It is occasionally used more largely to
include indemnity covering disability or long-term treatment or custodial care
wants. It possibly will be provided throughout a government-sponsored public
insurance program, or from private insurance company. It may be acquire on a
group basis or acquisition by human being clients. In each case, the enclosed
faction or folks pay premiums or taxes to help shelter themselves from high or
unanticipated healthcare operating cost. Similar remuneration paying for medical
expenses may also be present through communal wellbeing programs sponsor by
the administration.
A Medical insurance policy is an agreement between an indemnity company and a
human being. The agreement can be renewable yearly or monthly. The type and
total of Medical care costs that will be enclosed by the physical condition plan are
specific in proceed, in the member contract or confirmation of treatment brochure.
The individual policy-holder's payment responsibility may take several forms.

BENEFITS IF MEDICLAIM

The Mediclaim policy offers you a chance to get your medical expenses covered
under a policy. Thus it takes care of the hospitalization fees. It protects the person
or family (in case of family plan) for hospitalization expenses as a result of any
specific injury or illness which has taken place during the period of insurance and
on the advice of a doctor requires hospitalization. Pre hospitalization expenses for
the person or the insurer and also to go with it Post-Hospitalization Expenses: Post
Hospitalization expenses are medical expenses incurred during a period up to a
specific number of days after hospitalization for the particular ailment disease or
injury is over but still needs expenditures in order to completely become normal.

If you have a health insurance policy that supports cashless mediclaim, it means
that you can get medical treatment just by displaying your insurance card without
paying any cash to the hospital. Most health insurance companies offer this benefit.
Sometimes the benefits may be applicable only to a certain number of hospitals or
medical centers.

MEDICLAIM POLICY FOR STUDENTS

One of the most commonly known Mediclaim policies for the students is Vidyarthi
by National Insurance Company Limited. This policy has been designed
specifically for the students and is the purpose of this mediclaim policy is to
provide financial protection and health security to the students all across the
country.

Mediclaim policy for students can be used by the students who are studying in any
of the registered educational institutions in the country. This policy helps the
students by providing them financial security incase of emergency situations
dealing with the health of the students or the death or the disablement of the
parents of the guardian of the students.

The educational institutes are also authorized to take a group mediclaim policy
covering the names of all the students enrolled with the institute in order to enable
the students to get the mediclaim cover for a lesser and a much affordable rate. The
discounts offered to a group can vary depending on the number of people in the
group and they mainly range from 10% to 30%.

The Mediclaim policy for students has various features which cover the accident of
the student, accident, total disablement or the death or the guardian or the parent as
well as the hospitalization expenses of the student. The maximum cover that is
offered to an individual is Rs 4 Lakh usually where as the minimum is 50,000
rupees. The student’s guardian will also be eligible to get his or her income tax
deduction. Once the student turns 25, he or she will be out side the purview of the
policy. He or she will be able to take all the benefits of the policy if there is no
break in the continuity.

WHAT DOES MEDICLAIM POLICY COVER ?

 Day-care Treatment-
 The Medical disbursement through serious technologically advanced day-
care surgeries with no 24 hour hospitalisation is required.

 Ambulance Charges

These charges are used for shifting the insured patient from home to hospital
are been covered up to the limits mentioned in the mediclaim policy.

 Ayurvedic / Homeopathic

This system of medicine are covered to the extent of 25% of Sum Insured
provided the treatment is taken in the Government Hospital.

 Pre-existing diseases

These are covered only after 4 continuous and claim free renewals with the
insurance company.

PREMIUM

Mediclaim Premium is based on age of the proposer and geographical area of

treatment.

FEATURES

 Discount in premium for family cover.

 Loyalty Discount.

 Good Health Discount.

 Cumulative Bonus.

 Cost of Health Check up.

 Income Tax Benefit under Section 80D of IT Act

TYPES OF MEDICLAIM POLICIES

MEDICLAIM POLICY is must for everyone; it protects the insured person against
the expenses of hospitalization for injury, illness and domiciliary treatment. Now a
days medical expenses are so high so it never comes in cheap.Even just a small
treatment or appointment with a doctor demands high charges.

It is suitable for children to old aged people.

It includes hospital room charges, operation theater charges, medicine cost and
charges for diagnostic test. This insurance is suitable for children to old aged
people.

Generally there are three different types of Mediclaim Policies.

1. General Health Insurance Plans

Generally this plan provides cover for hospital room charges, diagnostic
test, doctor’s fees, medicine and other expenses.

2. Specific Health Plans:

These plans provide cover for major diseases such as heart attack, cancer,
diabetes etc. There may be including features by disease management
programs which are specific to condition covered.

3. Critical Illness Plan: In this plans, policy holder receives a amount within
a few days of diagnosing a critical illness. It covers critical illness such as
heart attack, organ transplant, stroke, etc. This plan covers mainly higher
medical expenses.

Before applying for such a insurance it is important to consider their benefits and
quality service that suits your need.

BEST DEAL FOR THE MEDICLAIM INSURANCE IN INDIA

PROFILE AGE MAX.
COVERAGE
INDIVIDUAL 25 yrs Min - 2,00,000
INDIVIDUAL 35 yrs Min – 2,00,000
INDIVIDUAL 45 yrs Min – 2,00,000
 Mediclaim Policy Premium Charges for Different
Age Group
Sr Insurance Product Offers 25 yrs 35yrs 45 yrs Policy
no. company name mediclaim (premium) (premium) (premium) duration
(Y/N)
1. ROYAL MEDICLAIM Y 1850 2947 3746 1 YEAR
SUNDARAM
2. NATIONAL MEDICLAIM Y 2178 2859 3847 1 YEAR
INSURANCE
3. UNITED MEDICLAIM Y 2178 2723 3255 1 YEAR
INDIA
4. APOLLO MEDICLAIM Y 2537 2537 4632 1 YEAR
MUNICH
5. FUTURE MEDICLAIM Y 2544 2972 3794 1 YEAR
GENERALI
6. BAJAJ MEDICLAIM Y 2579 - - 1 YEAR
ALLIANZ
7. ICICI MEDICLAIM Y 2644 2644 3312 1 YEAR
LOMBARD
8. ORIENTAL MEDICLAIM Y 2722 2722 3255 1 YEAR
INSURANCE
9. NEW INDIA MEDICLAIM Y 2863 2863 4043 1 YEAR
ASSURANCE
10. CHOLAMAN MEDICLAIM Y 3127 3127 3482 1 YEAR
DLAM MS

As the above table shows the description of various companies providing

mediclaim according to the age preferences as considered by me i.e. 25 years-45
years. This analysis shows that if an individual falls under 25 years of age he need
to pay a premium of Rs 1,850 provided by Royal Sundaram which the lowest
among the companies providing mediclaim. As in the case, of 35 years of age an
individual needs to pay Rs 2,537 provided by Apollo Munich which the lowest
among the existing companies. As in the case of 45 years of age an individual has
to pay Rs. 3,255 which is lowest and provided by United India and Oriental
Insurance among other companies. It depends upon the individual perception
which company he would consider for his insurance.

NOTES :

 Though Insurance companies try to keep their Premium Rate up to date,

there is a possibility of slight discrepancy in Policy Premium quoted above.
Actual price on policy may vary.
 Premium Quoted above is inclusive of service tax.
 Most of the Insurance plans don't cover pre-existing conditions in first few
years. Please read the Plan benefits carefully.
 Renewal Premium quoted above is for reference purpose only. Insurance
Company can revise the rates and add additional loading at the time of
renewal