The healthcare industry in India has shown significant growth primarily due to the increasing awareness amongst people. Health insurance is quite a new phenomenon in India but the sector has shown a growth rate of 20% on an average, year over year. Unfortunately, there is still a large section of the society that is not aware of the importance of health insurance or the benefits of investing in a health plan. This journey began with liberalization and thrived with globalization. It is now finally taking flight with digitalization. As per the National Health Profile of India published in 2018, of the 4,37,457 people covered under insurance, 79% are covered by public insurance companies and the remaining are covered by private insurance providers. Here are a few reasons for the rise in health care plans in the country.
Increase in lifestyle-related illnesses/ailments
There is a significant rise in lifestyle-related diseases like hypertension and diabetes and also pre existing disease. As of January 2019, less than 20 percent of the population had any form of it. Considering the cost of healthcare and inflation, the need for health insurance is only going to rise. The consistent rise in lifestyle-associated diseases has led to a rise in the demand for health policy in India.
Several insurance companies now offer different types of plans
There has been a growth in the number of plans offered by different companies. An individual does not have to stick to one plan. You can choose from various individual health insurance plans to family health policy at affordable health insurance premium as per your needs. You can also enhance the coverage with an add-on to the plan purchased by you. Keep your health requirements in mind and then choose a plan for yourself.
Statistics related to the health care industry in India
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