Quite a few people wonder why mediclaim plans have suddenly become the center of attention. The number of health insurance providers is on a steady rise. This drift has come about after a lot of perseverance and changes in the laws by the government. The government has tried to ensure that health insurance has sufficient room for plans to benefit the customer as well as the company. The rules and regulations are intended to give the common man quick access to all kinds of medical care facilities. Big foreign insurance providers such as Munich Health have been allowed to form joint ventures with Indian groups like Apollo Hospitals to provide high-quality insurance to Indians.
The promotion of medical insurance policies has also been largely because of the rise in awareness regarding healthcare and the call for world-class medical care. There are also many illnesses and ailments that can prove to be fatal if not cured in time. However, the expenses related to such procedures are very high, and hardly anyone can afford it. Owing to these high expenses, people tend to stay away from it. Recently, this trend has changed. People have started understanding the significance of timely and quality cure, and therefore the search for means to afford the same has also begun. People now know that the expense of a health insurance plan policy is a fraction of the coverage that is given by the policy. There are many plans in the market, each with its own benefits and features.
At present only about 2% of the population is covered by insurance. About 98% of the market still remains untapped. This proves that the budding health insurance industry has a long way to go. With newer plans and different kinds of health insurance policies to suit the needs of different people, there is no doubt that health insurance will become one of the most popular forms of investment. The government has included tax benefits with insurance plans to give people an additional reason to buy health insurance.
These steps coupled with steps taken by private medical insurance companies have made sure that the sector grows at about 20-25% per annum. Apollo Munich has highlighted the steps taken to simplify health insurance in its first ad campaign titled “Let’s Uncomplicate”. The second campaign, “Pause”, saw the company urging people to take a short break from life and think about health insurance. Health insurance is intended to simplify a person’s life and the realization of this point is the main reason for the growth of the sector.