Health Insurance - A Fast Growing Segment in India

Due to the fast-paced world today, it is very difficult to stay up-to-date with the current health norms. As if the pace were not enough, the ease of doing things and increased accessibility to various services has more or less “crippled” the society. Royal Sundaram Network Hospitals aim to provide healthcare comprehensively and efficiently.

Read More

Policybazaar exclusive benefits
  • 30 minutes claim support*
  • 50,000 claims approved in last 15 months*
  • Schedule home visit with our advisors
  • Get a plan based on your medical needs

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

*Tax benefit is subject to changes in tax laws. Standard T&C Apply

Back
All health plans cover Covid-19 treatment
  • 1
  • 2
  • 3
  • 4

Who would you like to insure?

  • Previous step
    Continue
    By clicking on “Continue”, you agree to our Privacy Policy and Terms of use
    Previous step
    Continue

      Popular Cities

      Previous step
      Continue
      Previous step
      Continue

      Do you have an existing illness or medical history?

      This helps us find plans that cover your condition and avoid claim rejection

      Get updates on WhatsApp

      What is your existing illness?

      Select all that apply

      Previous step

      When did you recover from Covid-19?

      Some plans are available only after a certain time

      Previous step
      Advantages of
      entering a valid number
      You save time, money and effort,
      Our experts will help you choose the right plan in less than 20 minutes & save you upto 80% on your premium
       

      Introduction

      The modern age - a mix of daily adventures, hectic work schedules, and whatnot. But one thing that accompanies all this is the underlying health concerns.

      The world has, over the years, witnessed unprecedented growth in various spheres - from the standard of living to technology. This growth also has and further led to an increase in the cost of availability too.

      This increased cost is not restricted to any one sector but is spread evenly across all the sectors. Healthcare is no exception making it India’s largest segment in terms of revenue as well as employment.

      Nowadays, the cost of treatment is exceeding the cost of being healthy. Therefore, various measures have been taken to ensure that these healthcare expenses don’t burn a hole in our pockets.

      One of those measures is the Royal Sundaram Network Hospitals. With over a dedicated chain of over 3000 specialized hospitals, Royal Sundaram aims to provide the best medical care available.

      What makes the health sector in India different and largely successful is the ease of not only purchasing a plan but also of claiming. With a claim management system having an efficiency of over 80%, healthcare insurance provider Royal Sundaram earned the Celent Model Insurer Asia Award 2013, literally.

      Royal Sundaram General Insurance also received an ISO 9001-2008 certification for the successful delivery of unparalleled customer services.

      The Network of the Healers

      For proper medical care and effective claim processing, there are several network hospitals linked together which each client is free to choose. Apart from seamless healthcare and top-notch treatment, Royal Sundaram Network Hospitals also provide cashless treatment.

      Additionally, if a client chooses not to go for a network hospital, they ensure that all the charges incurred during the treatment are taken care of.

      From a simple blood test to complex surgical procedures, healthcare insurance providers ensure that every requirement for a client’s healthy future is taken care of.

      Hiccups? Got you covered!

      Okay then! Read the papers, signed the policy and paid the premium. But that’s just not it! What if a client decides to claim his/her health insurance and the treatment costs him/her more than what he paid for?

      Such situations do come in the process of medical eventuality now and then. But that’s not the end! In an event where the costs are greater than the sum insured, the client has an option to just top-up his/her plan.

      Top-up plans provide additional coverage and act as the spare tank for your vehicle while also ensuring that the clients’ do no face a financial crisis. These plans are meant to provide greater flexibility and act as a backup.

      Getting a top-up plan is not restricted to having existing health insurance or to the company from where the existing plan has been purchased.

      These plans are very flexible and include several members of the family. Additionally, these plans can also be converted to a basic plan.

      Features of Healthcare Plans

      Health Insurance plans today target a wide number or groups of people. Be it children, students, parents or senior citizens; there are plans to suit everybody.

      Few basic features covered by healthcare plans are:

      • Out-patient Services
      • Accident and Emergency Services
      • Neonatal and Maternity Services
      • Hospitalization
      • Behavioural Health Treatment
      • Prescription Medicines
      • Rehabilitation Services
      • Laboratory Services
      • Chronic Disease Management
      • Paediatric Services

      In addition to the above-mentioned features, healthcare plans also provide the following benefits, to name a few:

      • Wide Coverage
      • Long-term Coverage
      • In-Patient Hospitalization
      • Pre and Post Hospitalization Care
      • Day-Care
      • Domiciliary Treatment
      • Organ Donor Expenses
      • Cash Benefits
      • Ambulance Cover
      • Critical Illness Cover

      These features and benefits act as a honeypot for the people, making them purchase the healthcare plans at nominal and competitive prices.

      Claim Settlement Process

      As easy the process of purchase of a healthcare plan is, the same must be true for the claim settlement process also. After all, who would want to get stuck in the tedious process when already suffering from a health issue.

      To obtain the services covered in the healthcare plan, healthcare policyholder needs to submit a request with the healthcare provider. This can be achieved in two ways:

      1. Direct Claim Settlement (Cashless Treatment)
      2. Reimbursement of Expenses

      When a policyholder submits a request, the network hospitals such as the Royal Sundaram Network Hospitals contact the healthcare provider, which in this case is Royal Sundaram Health Insurance, and the healthcare provider verifies the claim documents and establishes the authenticity of the case. A field doctor may also be assigned to verify the treatment prescribed.

      After the completion of the verification process, the concerned medical team approves the claim request.

      However, even if the claim request is legit, the claim request may be denied in the following cases:

      • Incorrect filling of details
      • Untimely request for claim settlement
      • Lack of relevant documents
      • Forged claim
      • Previous health issues not covered in the policy document

      Proper documentation and disclosure of the facts lead to a smooth and convenient claim settlement. Incorrect facts and wrong intents usually add to the grievances one is already facing.

      Reasons Behind the Growth

      According to the latest report by IRDAI, the healthcare industry can see a boom and is expecting an increase to INR 8.6 trillion. Medical tourism also is not far behind with predictions of up to 25 percent growth.

      One of the main factors behind such exponential growth of this segment is the never-ending demand. The healthcare industry in India provides medical care at competitive prices as compared to its western counterparts.

      Another significant reason for the growth of the healthcare industry is the rebate provided under Section 80(D) of the Income Tax Act.

      There has also been an increase in various diseases, which has led to a rise in medical costs. This rise in medical costs has convinced people from all groups to purchase a healthcare plan suiting their needs.

      Additionally, the rise in medical costs and cost of treatment has led to inequity in access to healthcare services.

      Also, the per capita expenditure on public health increased to INR 1,112 in 2015-16 from INR 621 in 2009-10. The center to state ratio of the expenditure on public health in 2015-16 was 31:69.

      Various health programs launched by the government on a national level have also played a vital role in handling most of the serious health concerns, and several communicable and non-communicable diseases.

      The Final Words

      Concluding the facts presented, it is evident that healthcare industry indeed plays a vital role in today’s world. However, the current healthcare infrastructure indeed paves the way for betterment in services and care.

      Disclaimer : *Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

      Search
      Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

      Health insurance articles

      Recent Articles
      Popular Articles
      Should You Buy a Super Top-up Health Insurance Policy?

      18 Jan 2023

      India is abuzz with a variety of health insurance plans to cater
      Read more
      6 Reasons Why Your Cashless Health Claims Can Get Denied

      18 Jan 2023

      Cashless claims are one of the most lucrative benefits of buying a
      Read more
      Check Out the Mandatory KYC Documents for Health Insurance

      30 Dec 2022

      The Insurance Regulatory & Development Authority of India
      Read more
      What to Look for in a Health Insurance for Cancer Plan?

      20 Dec 2022

      Cancer is one of the biggest demons that the world faces today
      Read more
      What are the Factors Affecting Health Insurance Premium?

      20 Dec 2022

      Demand for insurance products in India, especially health
      Read more
      What are the Normal Thyroid Stimulating Hormone (TSH) Levels as Per Age?
      The thyroid gland is an important gland responsible to produce the right amount of hormones for normal body
      Read more
      How to Apply for Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (PM-JAY)?
      Ayushman Bharat Yojana is a flagship health insurance scheme launched by the Government of India to offer universal
      Read more
      Income Tax Slab for Women: Guide to Exemptions and Rebates
      In India, every person who earns beyond a certain limit is liable to pay income tax to the government. The tax
      Read more
      Best Health Insurance Plans for Senior Citizens in 2023
      Senior citizens are the most prone to diseases. Considering the medical inflation in India, buying health insurance
      Read more
      How Senior Citizens can save Tax with Medical Bills u/s 80 D?
      Senior citizens can save on income tax by availing tax benefits on medical expenses under Section 80D of the Income
      Read more

      top
      Close
      Download the Policybazaar app
      to manage all your insurance needs.
      INSTALL