My Health Insurance


Health insurance is insurance that covers the whole or a part of the risk of a person incurring medical expenses, spreading the risk over a large number of persons. By estimating the overall risk of health care and health system expenses over the risk pool, an insurer can develop a routine finance structure, such as a monthly premium or payroll tax, to provide the money to pay for the health care benefits specified in the insurance agreement.
The benefit is administered by a central organization such as a government agency, private business, or not-for-profit entity. According to the Health Insurance Association of America, health insurance is defined as "coverage that provides for the payments of benefits as a result of sickness or injury. It includes insurance for losses from accident, medical expense, disability, or accidental death and dismemberment"

The Commonwealth Fund, in its annual survey, "Mirror, Mirror on the Wall", compares the performance of the health care systems in Australia, New Zealand, the United Kingdom, Germany, Canada and the U.S. Its 2007 study found that, although the U.S. system is the most expensive, it consistently under-performs compared to the other countries. One difference between the U.S. and the other countries in the study is that the U.S. is the only country without universal health insurance coverage

The Commonwealth Fund completed its thirteenth annual health policy survey in 2010. A study of the survey "found significant differences in access, cost burdens, and problems with health insurance that are associated with insurance design". Of the countries surveyed, the results indicated that people in the United States had more out-of-pocket expenses, more disputes with insurance companies than other countries, and more insurance payments denied; paperwork was also higher although Germany had similarly high levels of paperwork

Health insurance in India is a growing segment of India's economy. In 2011, 3.9% of India's gross domestic product was spent in the health sector. According to the World Health Organisation (WHO), this is among the lowest of the BRICS (Brazil, Russia, India, China, South Africa) economies. Policies are available that offer both individual and family cover. Out of this 3.9%, health insurance accounts for 5-10% of expenditure, employers account for around 9% while personal expenditure amounts to an astounding 82%. In the year 2016, the NSSO released the report “Key Indicators of Social Consumption in India: Health” based on its 71st round of surveys. The survey carried out in the year 2014 found out that, more than 80% of Indians are not covered under any health insurance plan, and only 18 % (government funded 12%) of the urban population and 14% (government funded 13%) of the rural population was covered under any form of health insurance.


 For the financial year 2014-15 Health Insurance premium was Rs.20,440 crores

Launched in 1986, the health insurance industry has grown significantly mainly due to liberalization of economy and general awareness. According to the World Bank, by 2010, more than 25% of India’s population had access to some form of health insurance. There are standalone health insurers along with government sponsored health insurance providers. Until recently, to improve the awareness and reduce the procrastination for buying health insurance, the General Insurance Corporation of India and the Insurance Regulatory and Development Authority had launched an awareness campaign for all segments of the population

 


Tax benefits


Under the Income Tax Act, under Section 80D, the insured person who takes out the policy can claim for tax deductions.

Rs.25,000 for self, spouse and dependent children.

Rs. 30,000/- for parents

Life insurance companies


  • Aviva India
  • Bajaj Allianz Life Insurance
  • Birla Sun Life Insurance Company Limited
  • Exide Life Insurance
  • HDFC Standard Life Insurance
  • ICICI Prudential Life Insurance
  • IDBI Federal Life Insurance
  • IndiaFirst Life Insurance Company
  • Life Insurance Corporation of India
  • Max Life Insurance
  • Peerless Group
  • PNB MetLife India Insurance Company
  • SBI Life Insurance Company
  • Edelweiss Tokio Life Insurance

General Insurance Companies


  • Agriculture Insurance Company of India
  • Apollo Munich Health Insurance
  • Cholamandalam MS General Insurance
  • Bajaj Allianz General Insurance
  • Bharti AXA General Insurance
  • Cigna TTK
  • Export Credit Guarantee Corporation of India
  • GIC Re
  • HDFC ERGO General Insurance Company
  • ICICI Lombard
  • IFFCO Tokio
  • L&T General Insurance
  • Liberty Videocon General Insurance
  • National Insurance Company
  • New India Assurance
  • The Oriental Insurance Company
  • Reliance General Insurance
  • Religare
  • Royal Sundaram General Insurance
  • Star Health and Allied Insurance
  • Tata AIG General
  • United India Insurance Company
  • Universal Sompo General Insurance Company




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