In 2014, the standardization of health insurance regulations was considered as a major growth. Earlier, mediclaim policies were not easy to understand because there was no uniformity when it comes to processes and coverage.
The health insurance terms have presented in identical documentation format, terminology, definitions and claim proposals. This modification guarantees that the insured person is well aware with the exclusions of the healthcare plans . Such rules have brought more ease and transparency in the process of purchase.
It removes confusion in the procedure of buying online health insurance India. For example, maternity benefit for one insurance company in India could mean reimbursing for a caesarean section only. But, for the other it could mean insuring any complication.
In India, health insurance sector has been developing rapidly especially for general insurance companies, marking growth of nearly 15%. Now, the market size is valued at around Rs 17,178 crore.
Factors like growing government funding; access to essential medical treatments and increasing standard of healthcare are expected to play an important role in building a dynamic marketplace for health insurance sector in the Indian market.
The Centre has mentioned health insurance as a separate segment in the Insurance Bill and increased the minimum capital need for health insurers to make sure that only serious players enter the industry. General insurers are refurbishing their health insurance plans by insuring more than just hospitalization costs.
General insurance companies in India have introduce a wide range of comprehensive plans which covers, besides pre-hospitalization costs, hospitalization reimbursement, such as wellness services and out-patient services. Also, these insurers are offering extra features, such as disease specific covers, value-added services in the form discounts, consultation fees for second opinion, health maintenance benefits and worldwide emergency cover.
Companies are seeing increasing demand for OPD coverage from the initial response in the category of group health. OPD coverage is considered as the main game changer for the health insurance sector.