28-08-2012, 04:49 PM
HEALTH INSURANCE
project on health insurance.doc (Size: 447 KB / Downloads: 144)
Introduction
In India, presently the health insurance exists in the form of Mediclaim policy offered to the individual or to any group, association or corporate bodies. Although, total expenditure on health in India is nearly 6 per cent of the entire GDP, the government spending is less than 25 per cent against the average spending of 30-40 per cent in other developing countries. Health insurance sectors, covers only about 2.5 million people i.e. less than 0.50 per cent of the country’s population. Even Social insurance schemes available in India, such as the Employee State Insurance Scheme (ESIS) and Central Government Health Scheme (CGHS) have restricted coverage to a very small segment of the population, around 3 per cent. What could be the reason behind it? Is this the attitude and perception of the consumers regarding the health insurance? The search for the answers to these questions inspired me to do a project in this field.
Therefore, the health insurance policy in India is nothing but a burden of inefficiency of a government run system. Moreover, the uncontrolled and no-innovative attitude of Indian bureaucracy always argued against the private players in the health insurance sector in India.
Industry profile
Before insurance sector was opened to the private sector Life Insurance Corporation (LIC) was the only insurance company in India. After the opening up of Insurance sector in India there has been a glut of insurance companies in India. These companies have come up with innovative and flexible insurance policies to cater to varying needs of the individual. Opening up of the Insurance sector has also forced the LIC to tighten up its belt and deliver better service. All in all it has been a bonanza for the consumer.
Company profile
Corporate profile
India Infoline Ltd is listed on both the leading stock exchanges in India, viz. the Stock Exchange, Mumbai (BSE) and the National Stock Exchange (NSE). The India Infoline group, comprising the holding company, India Infoline Ltd and its subsidiaries, straddles the entire financial services space with offerings ranging from Equity research, Equities and derivatives trading, Commodities trading, Portfolio Management Services, Mutual Funds, Life Insurance, Fixed deposits, GoI bonds and other small savings instruments to loan products and Investment banking. India Infoline also owns and manages the websites, www.indiainfoline.com and www.5paisa.com
Conclusion
In India, presently the health insurance exists in the form of Mediclaim policy offered to the individual or to any group, association or corporate bodies. The same thing has been found out by the analysis done in this project. The mediclaims tops in all the basis of comparisons whether it’s awareness level or acceptability.
Before selecting any heath insurance people generally seek security, tax-benefits and coverage. The inclination towards maximum coverage shows that as per consumers expectations are concerned sky is the limit.
Because of the emergence of various avenues of investments more and more people are now investing their money. Today investors are looking for return as well as growth on the amount they invest. There are investments instruments like equity, Mutual fund, ULIPs,etc. which fulfill investor’s such aspirations. This is why investors accord more importance to those kinds of investment products. Since, health insurance are not return generating products consumers are reluctant towards it and people who are not aware about it expects the returns even from these products. However the future of health insurance seems to be fairly good as it tops amongst the various other insurance products.