Health Insurance Premium May Rise by 2016-17

Talking about the percentage of people covered under the health insurance policy in India, over 65 percent stay in the territory of private companies whereas only 35% are counted under public insurance companies. When talking about health insurance premium share, public insurers acquire 61.5% and private insurers are restricted to 38.5% only.

The number of medical insurance policies sold and premium collected have a very scanty share of referrals i.e. somewhere around 0.1 per cent. Insurance Regulatory Development Authority (IRDA) needs to generate some well planned system to monitor the functioning of private insurers which need to focus the masses instead of just scanning the rich and upper class clients of the society.

According to the Assocham’s study, introduction of well organized management system, cost containing mechanism, strong governance structure and product improvement mechanism is required for the sustainability of successful health insurance sector.