For most people in our country, health insurance has always remained low in their priority list as maximum people majorly depend on household income and savings for expenses related to healthcare. This is an important reason why individual health insurance penetration in India is as low as 3 per cent. Moreover, of all those people insured, around 80 per cent have health insurance with much lower sum insured than actually required. With medical inflation rising at the rate of over 50 per cent i.e. from 4.39 per cent in 2017-18 to 7.14 per cent in 2018-19, having a health insurance policy with a higher sum insured has become a basic necessity as it can help you cover any medical emergency.
Meeting Global Standards: Healthcare is heavily regulated in developed economies like the USA, UK and Singapore where standards of health are profoundly believed to influence economic performance and quality of life. This is an important reason why the current laws in these…