The ESIC covers around 3 crore formal sector employees in the country, with total beneficiaries of over 12 crores under its health insurance scheme.
The National Health Protection Scheme, dubbed "Modicare" and announced in Thursday's budget, would provide 100 million families, or about 500 million poor people, with a health cover of 500,000 rupees ($7,850) for free treatment of serious ailments.
Extending the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJY) and the Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a positive move to bring more people into the insurance ambit, they said.
In an interaction with Moneycontrol, Antony Jacob, CEO, Apollo Munich Health Insurance said that the 'reserve' benefit in the product that is unused gets carried forward and earns a 6 percent bonus.
Presently, health and accident sectors account for a little over three per cent of its total business while motor and commercial insurance constitute the bulk, Magma HDI MD and CEO Rajive Kumaraswami said.
CNBC-TV18 learns that two new companies could soon become a part of the Indian standalone health insurance space.
Insurance is the small price one pays for his peace of mind. With right insurance in place, even a â€˜small guy‘ can take risks and achieve financial freedom.
No matter how good you are with your investment management, your plan to financial freedom will be incomplete if there is no insurance in place.
Getting a treatment abroad can be a costly affair. Having a policy that covers your overseas medical expenses seems to be an attractive proposition. However there are various critical pointers one should know.
Money, investment, wealth, these are important facets of personal finance but they become meaningless without one fundamental pillar - your health and a strategy to mitigate financial strain that may arise in case of a health emergency.
Ensure that you buy your own health insurance policy. Otherwise, you may not have the cover when you need it most.
The most common grounds for rejection are age, pre-existing diseases, individuals working in hazardous situations, exclusions by insurance companies and filling up the wrong details in the issuance form.
When you get a renewal notice, do not simply look for the ‘click here to renew it now’ link.
It is a protection cover to fight your unwanted and untimed enemies which can affect your health and pocket adversely.
Health insurance policies renewal may be a bit tricky if you do not read through the renewal letter carefully.
Right insurance covers bought early in life can not only offer you coverage but also save money.
Insurance companies use the concept of anti-selection to ensure that a group consists of a mix of people so that other group does not end up compensating for one risky group.
In indemnity based insurance plans, an individual can visit their choice of healthcare provider to avail treatment. The insurer pays a fixed sum as a lump sum amount for this, which is also referred to as reimbursement.
When you miss a renewal of a health insurance policy, it can backfire at the most critical times, and you will be forced to spend from your pocket.
One of the major benefits is you can access them anywhere, any time.
Crop insurance contributed the largest to the growth with Agriculture Insurance Company of India showing a 101.3 percent growth.
The insurance industry will now have access to a panel of 13 actuaries who will be assisting them in a range of services. The panel has been put together by IRDAI from a list of candidates who had applied for the post.
Health insurance has become a more transparent means to secure your family financially against all health issues.
Term insurance is all about financial protection – it is a must for every individual with responsibilities towards their loved ones.
To buy an insurance policy without having to spend much is an art. Here are some tips to minimize the premium outgo.